Mortgage Rates weekly market update for the Week of May 25, 2015, by John R. Thomas with Primary Residential Mortgage, Inc. in Newark, Delaware. John Thomas is the Branch Manager, a 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 rose last week after the previous week’s move lower. If you look at the mortgage bond chart below you can see mortgage bonds sold off Monday and Tuesday to start the week which moved mortgage interest rates higher. Bonds broke below the 200-day moving average and below the 2-year long term trend line on Tuesday. This could have been very bad for mortgage rates but bonds were able to rally higher on Wednesday and close above the 200-day moving average. Mortgage bonds ended the week above the 200 days moving average so we are recommending FLOATING Your mortgage rate to start the week to see if bonds can move higher off the 200-day moving average and move interest rates lower.