Mortgage Rates Weekly Update for July 16, 2018
Mortgage Rates Update for July 16, 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 unable to break out above the 100 day moving average last so mortgage rates ended the week about where they started. If you look at the mortgage bond chart below you can see mortgage bonds traded in a tight channel last week after failing to continue to rally from previous week and fell back below the 100 day moving average. Bonds closed right at the top of the channel to end the week but failed to break through so we are recommending LOCKING your mortgage rate on any loans closing in the next 30 days, if you are more than 45 days out you could float to see if mortgage bonds can get some momentum to break through the 100 day moving average but if bonds break below the floor of support we would recommend switching to a locking stance.