Mortgage Rates Weekly Update for August 13, 2018
Mortgage Rates Update for August 13, 2018 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 move lower last week as mortgage bonds were able to rally higher as stock market sold off. If you look at the mortgage bond chart below you can see mortgage bonds hit a low on August 1st and have rallied higher since but have not been able to break above the 100 day and 50 day moving averages which are very strong overhead resistance. Bonds have benefited from a sell off in the Stock Market because of weak world currencies against the US dollar. We are recommending LOCKING your mortgage rate to the week as it will be very hard mortgage rates to move much lower from here with very strong resistance for bonds at the 100 day moving average.