Mortgage bonds have been fighting a tough ceiling of resistance lately.  Again, a ceiling that prevents prices from rising past a certain point, prevents rates from falling past a certain point.

So, while bonds are only up about 9 basis points right now, this is very good.  The Freddie Mac weekly survey is due tomorrow so it would be nice to break the 6.52% average that we've seen for a few weeks.

Gasoline hit $3.77 at the pumps this week, but oil has jumped back up $5 from recent lows.

So, the million dollar question becomes "how does this influence your home mortgage decision?"  Bonds have only closed above this layer of resistance a few times so it may not hold.  If it does, then the rate decisions start to look like this:

• For 720+ FICO Scores:  Conforming rates should dip below 6.5% today, or at least soon.
• For 719 or Lower FICO Scores:  These new Fannie Mae and Freddie Mac hits are brutal.  Get to our Credit Optimization section. Rates for even a 719 score are at least .125% higher.  If you cannot improve your credit score, learn the in's and out's of FHA from our FHA Primer
  
• For First-time Homebuyers:
  
  • Check out the City of Chicago Mortgage Program
  • Check out the IHDA Program