Mortgage Rates weekly market update for the Week of February 9, 2015 by John R. Thomas with Primary Residential Mortgage, Inc. in Newark, Delaware. John Thomas is the Branch Manager and the author of the best selling book, Your Guide to Buying Your First Home in Delaware. Call 302-703-0727 for a Rate Quote or Apply Online for Rate Quote
Mortgage Rates Spiked Higher on Friday to end the week after January Jobs Report Released. If you look at the mortgage bond chart below you can see mortgage bonds hit the ceiling of resistance on Monday and closed lower. Tuesday followed through with a sell off as seen by red candle. Then Friday mortgage bonds sold off again after January Jobs Report were released. The bond closed on Friday below the 25 Day Moving average and the next level of support is the 50 day moving average which is about 38 basis points below where the bond closed on Friday so we are recommending LOCKING your Mortgage Rate to start the week.