Last Friday I posted a blog that bond traders were battling around the 200-day moving average. The mortgage bonds did close just above the 200-day moving average on Friday and we have managed to stay above this level. Given that the 200-day moving average is a strong level of support, both on the upside and down, it would appear we may see rates below 5% for the next few weeks.

Things are volatile so I wouldnt sit back and expect rates to continue to drop, but if you are in the market to buy a house or refinance its a great time to lock in a rate right now.