Mortgage Rates weekly market update for the Week of March 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 after the Jobs Report was released which moved interest rates up 0.375% to 0.5%! If you look at the mortgage bond chart below you can see mortgage bonds have been trading on a downward pattern but had tried to stabilize over the last week and find a floor of support. But on Friday you can see a giant red candle that signals mortgage bonds had a big sell-off and dropped almost 100 basis points causing lenders to re-price mortgage rates for the worse twice in one day as mortgage bonds continued to fall throughout the day. Bonds broke through two floors of support on Friday which will now act as resistance levels. With the next floor of support at the 200-day moving average being still lower and the breakout trend being lower as well, we are recommending LOCKING your mortgage interest rate to start the week.