Hello, everybody Sean Zalmanoff here with your mortgage rate update today. I am a little more casual than usual, supporting my Missouri pride here. Hey, before we get into rates as you all probably know today is Martin Luther King Day and this I’ll be taking off early to go spend some time with my family and my boys. But I listened to his I have a dream speech this morning on my way into the office and I’ve listened to pieces of it before and maybe when I was really young I listened to the whole thing at once in class but it was a very good use of 17 minutes or so of my time this morning.
I’ve been going down a history wormhole today of how he was inspired to write it and what people said he should or shouldn’t say during it. In the times that we live in it’s good to remember that there are people who care and that want to push the needle forward for all of us as humanity goes. Don’t lose sight of that friends because it’s easy to do today, just remember there are those that care.
Hey, the markets are closed today. I wanted to show you a little bit about what has been going on with mortgage rates in the last two weeks because we’ve had a little bit of a seesaw. As I mentioned last week, we finally weren’t at the lowest that we’d ever been on mortgage rates because we’d been creeping lower and lower and lower for some time and then two weeks ago, as you can see here, we had a pretty decent sized sell off. Whenever you see these red candles here that means the price is getting worse and so that means that rates are moving up when you see those red candles.
One thing that you’ll notice too is rates generally move up quicker than they go down. When they’re going down we have a long, it’s a gradual climb downwards. When they get worse it happens quick and it’s just the way that the technicals trade on things. We saw a bearish sign here on January 4th and then had five or so not very good days in the market. Broke beneath another support level and then it’s since rallied and you can see this as it’s rallying it’s rallying slower. We’re in this little section right here so trading just below resistance. If rates pierce above that, if bond pricing rises above this, we can see rates breakout to the north and that would mean see bond prices breakout to the north and make rates drop for us to come back down again to the lows of the lows.
But hey, in general mortgage rates are still amazing right now. In almost any other time but outside of a few months in history we have the lowest rates in recorded history. If you’re looking to buy, if you’re looking to refinance, my team is here to help you. We want to make your process as smooth as possible. Make sure you’re reaching out if you’re in this home buying process. Don’t reach out when you find that house. Call us two, three, six months in advance. Let’s make sure everything’s in line so we get the best loan for you and get you through our $5,000 guarantee process, which we’ll get your offer accepted ahead of others. Again, I’m Sean Zalmanoff. Today is going to be an awesome day for you if you choose to make it one. I appreciate you all listening. See you later. Bye.