Mortgage Rates Weekly Update for July 10, 2017
Mortgage Rates Weekly Update for July 10, 2017 by John R. Thomas with Primary Residential Mortgage, Inc. in Newark, Delaware. John Thomas is the Branch Manager, a Delaware Loan Officer 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 continued to move higher last week as mortgage bonds continued the downward trend that we discussed in last week’s update. If you look at the mortgage bond chart below you can the downward trend in mortgage rates over the last couple weeks with the blue arrow. Mortgage bonds are now testing an important floor of support shown with the blue horizontal line. If mortgage bonds continue lower and break through this floor bonds have a long way to fall before hitting the next floor of resistance which means the risk of higher rates out weighs any potential reward of waiting to see if mortgage bonds could rally higher. We are recommending LOCKING your mortgage rate as the risk is for bonds to move higher and the under lying technicals are not strong for the bond market right now.