Breakout of Range... WOW

What a beautiful day in our market... the recent newly established range that we have been happy with we just broke through to new highs leading to yet again the lowest rates of the year.

With that said I do foresee a retraction either in the afternoon hours or during tomorrow's trading. This will most likely be a result of simple profit taking moving into the weekend. If you are looking to close soon, locking this morning is as opposed to this afternoon or tomorrow will probably result in better pricing should our market experience the sell off I am anticipating.

Let me be clear. The sell off I am anticipating is simply profit taking, current market factors do support our current trading levels, so unless new headlines hit the wire changing investor sentiment, a sell of would not be the end of the world, and Monday could bring more gains.

Let's take a look at today's graph:


Pay particular attention to the arrows I have drawn in... notice the green arrows grow in length and degree of ascent while red arrows shorten and flatten... This suggests bulls have taken control of our market overpowering the bears which is what has ultimately what lead to this breakout.

If you have been on the fence waiting for rates to come down, now would be the time to take action. All things considered currently it takes about 30 days to fund a home loan, start to finish. A prime borrow with a 20% equity position currently qualifies for a rate of 4.375% on a 30 year fixed paying a rebate of .100.

To put things in perspective we are close to the lowest rates in history.