This weeks interest rate update
As we head into the weekend I wanted to pass along some more good news regarding interest rates. As we mentioned earlier in the week rates were trying to break the 200 day moving average. If they were able to do so, and stay above that mark we could be headed toward even lower mortgage rates than what we have been seeing.
Well, yesterday mortgage bond prices clearly busted through this level. The 200 day moving average is currently 101.39 and mortgage bonds are trading at 101.62. When bonds are up mortgage rates are down! Take a look at the chart below to see the recent trend up in bond prices – it is a beautiful thing!!
I will be sure to keep you posted as the market still remains volatile and things can change on a moment’s notice. We will always be a step ahead for you and your clients. If you are looking for a good reason to call and reconnect with your past clients (the best referral source J ) this is a great time! Everyone may know someone who is looking to buy or refinance and you can be the bearer of good news.
Brought to you by Jeremy House for the Vison Lending Group!
602.435.2149 or Jhouse@primelending.com
