Mortgage Rates weekly market update for the Week of June 8, 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 Moved Higher last week as the bond market reversed the trend from the previous week and sold off. If you look at the mortgage bond chart below, you can see the trend is now for mortgage bonds to sell off and move lower which will move mortgage interest rates higher. The big red candle down on Friday was after the better than expected jobs report was released. The bond closed below key technical levels which if the bond doesn’t recover this week could foretell higher interest rates in the near future. We are recommending LOCKING Your mortgage rate to start the week as the short term trend is for rates to move higher.