Mortgage Rates Weekly Update for November 19, 2018
Mortgage Rates Update for November 19, 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 have hit a 7 year high on the week of November 8th but have since been able to move lower as mortgage bonds have rallied. If you look at the mortgage bond chart below you can see mortgage bond were able to rally off support the previous Friday with the green candle. Mortgage bonds have followed through all week closing up everyday but Thursday and ending the week with a green candle in the face of a stock market that traded higher on Friday as well. Mortgage bonds have broken through a ceiling of resistance and are just below the 50 day moving average. If they can break above the 50 day moving average we could see mortgage rates move lower. Because of all this, we are recommending FLOATING your mortgage rate to start the week to see if mortgage bonds can continue to rally higher.