Mortgage Rates Weekly Update Dec 21 2015
Mortgage Rates weekly market update for the Week of December 21, 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 were able to move lower after several weeks of moving up. If you look at the mortgage bond chart below you can see bonds were finally able to bounce off a floor of support and move higher after several weeks of trending lower. The short term trend is for bonds to move higher and interest rates lower but bonds are up against a tough over head ceiling of resistance so in order to continue to move higher will need to break through and close above ceiling of resistance. With the short term trend of bonds to move higher, we are recommending FLOATING your mortgage interest rate to start the week. But if bonds get turned lower at overhead resistance, we will quickly recommend switching to a locking stance.