Mortgage Rates weekly market update for the Week of January 19, 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.
Mortgage Rates spiked higher to end the week on Friday after Consumer Sentiment came out better than it had in 11 years. This sent the stock market rallying higher and pulled money out of the bond market. If you look at the mortgage bond chart below, you can see mortgage bonds hit a record high in almost 2 years on Thursday then sold off sharply on Friday. We are recommending LOCKING your Mortgage Rate to start the week as the short term trend is now for bonds to continue to sell off if stocks continue to rally.