Mortgage Rates Update for December 19, 2016
Mortgage Rates Update for December 19, 2016 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 set another record high for 2016 last week as mortgage bonds continued to sell off. If you look at the mortgage bond chart below you can see mortgage bonds broke below support on Wednesday after Federal Reserve announced it was raising Fed Funds Rate. The big red candle stretched all the way down to the next level of support. We are recommending FLOATING your mortgage rate to start the week to see if mortgage bonds can rebound off support and move higher to move interest rates lower. Now is the time to get out and buy a home as the longer your wait, the higher the rates will be and the higher the price of the home.