Mortgage Rates Weekly Update for October 16, 2017
Mortgage Rates Update for October 16, 2017 by John R. Thomas with Primary Residential Mortgage, Inc. in Newark, Delaware. Get advice on Locking or Floating your Mortgage Rate to start the week as well as the latest housing and finance news updates. John Thomas is the Branch Manager, a Delaware Loan Officer and the author of the best selling book, Your Guide to Buying Your First Home in Delaware. Call 302-703-0727 for a Rate Quote or Apply Online for Rate Quote
Mortgage Rates were able to rebound last week and end the week lower than they started as mortgage bonds rebounded after weaker than expectations of Retail Sales & Consumer Price Index. If you look at the mortgage bond chart below you can see mortgage bonds were able to rally off support and moved higher to break above the previous ceiling of resistance. Mortgage bonds closed just below 25 day moving average and US Treasuries broke below 200 day moving averages and technicals favor the bonds continuing to rally so we are recommending FLOATING Your mortgage rate to start the week.