Mortgage Rates weekly market update for the Week of December 29, 2014, 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.
Mortgage Rates moved higher last week on Wednesday after the release of the GDP which caused the stock market to rally. If you look at the mortgage bond chart below you can see the big red candle down on Tuesday which corresponds to the release of the GDP Report. Bonds were able to bounce off support on Wednesday and followed through again on Friday as you can see with the two green candles. This is a good sign that bonds could continue to move higher so we are recommending FLOATING your mortgage interest rate to start the week.