Mortgage Rates ended up on the week and are trending higher.  But with volatility reigning supreme on Wall St and in the bond market, who knows what Monday will bring!  I’m beginning to feel like we have a yo-yo like pattern of rates swinging between 6% and 6.5% week over week.  Today’s events globally have got me thinking that it just seems like everyone is selling everything at the same time.  Normally, when stocks go down, that money moves into treasuries or Mortgage backed bonds, or even gold.  At the end of the markets today, everything was down.   So when people sell mortgage backed bonds, the result is an INCREASE in fixed rate home mortgages.

Today saw our price break through the 200 day moving average which doesn’t bode well for next week’s pricing to improve.  BUT we broke this floor of support 2 weeks ago, and rallied back above it last week.  It wouldn’t be completely shocking to rally next week.  But this is something I’m watching very closely.

We closed the day with 30 year fixed rates right at 6.25% on conforming and FHA loans.  Investment mortgages have increased to 6.75%

Related posts:

1. Mortgage Wrap Up October 18 - It’s a Fixed Rate World
2. Mortgage Rate Update November 7, 2008
3. Mortgage Market Guide for Week of March 10
4. Mortgage Market Guide for Week of March 17
5. The Jumbo Loan Market

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