Mortgage Rates Weekly Update for December 11, 2017
Mortgage Rates Update for December 11, 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 move lower as mortgage bonds bounce off support to trade higher. If you look at the mortgage bond chart below you can see mortgage bonds have been stuck in a sideways trading pattern alternating between ceiling of resistance and floor of support but has failed to break out of the channel. Mortgage bonds closed Friday just below the ceiling of resistance and failed to break out of the channel higher but settled on a triple layer of support formed by the 50 day moving average, the 200 day moving average and a Fibonacci level. We are recommending carefully FLOATING your mortgage rate to start the week to see if mortgage bonds can rally off support and break through the ceiling of resistance to move mortgage interest rates lower.