Mortgage Rates Updatefor March 10, 2019 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 moved lower last week after mortgage bonds were able to rally higher. If you look at the mortgage bond chart below, you can see mortgage bonds broke beneath support on Tuesday with the long candle but were able to reverse and rally higher to end the day. Bonds were able to build on this bounce off support and move higher all week to end the week in the middle of a trading channel with room to move higher. We are recommending FLOATING Your mortgage rate to start the week Keep Reading...
Mortgage Rates Updatefor March 3, 2019 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 moved higher last week as the stock market continued to rally higher. If you look at the mortgage bond chart below, you can see mortgage bonds sold off and broke beneath three floors of support: the 25 day moving average, the 50 day moving average, and the Fibonacci level at 101.85. This is very bad news for mortgage bonds as they can’t seem to find a floor of support so we are recommending LOCKING your mortgage rate to start the week.Keep Reading...
Mortgage Rates Weekly Update for February 24, 2019
Mortgage Rates Updatefor February 24, 2019 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 moved slightly Lower to end the week as mortgage bonds were able to rally of floor of support. If you look at the mortgage bond chart below you can see bonds were able to rally off the floor of support to end the week Friday. Mortgage bonds have finished in the middle of a sideways trading channel with some room to move higher so we are recommending FLOATING your mortgage rate to start the week.Keep Reading...
Mortgage Rates Updatefor January 21, 2019 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 moved higher again last week as mortgage bonds continued to sell off and follow the down trend. If you look at the mortgage bond chart below you can see mortgage bonds have been selling off since hitting high on January 3rd. Mortgage bonds broke beneath support on Thursday and followed through on Friday. Bonds ended the day on Friday falling down to the next floor of support at the 25 day moving average at 101.6875. If stocks continue to do well, then bonds will fall through the 25 day moving average and continue to fall to the next floor of support at 101.3402. With the short term trend for mortgage bonds to continue to move lower, we are recommending LOCKING your mortgage rate to start the week. Borrowers should understand that the best loan pricing of the year was back on Thursday, January 3rd. The next day the Bond market received two punches in the mouth by way of the blockbuster Jobs Report and Fed Chair Powell’s overly “dovish” and stock-market friendly speech and it has shown no signs of revisiting those January 3rd levels at this time.
In Economic News
Day 31 of the Government Shut down falls on Monday Martin Luther King Day. So What is a Government shut down? In the normal US budget process each year, Congress has to appropriate funds by September 30th which they didn’t this year. When it doesn’t happen, a continuing funding resolution is enacted. When a funding resolution can’t be reached by Congress, it forces the government to shut down and non-essential discretionary federal programs close. Essential services continue during a shutdown as do mandatory spending programs, but essential workers do not get paid… although they will likely get those funds after shutdown, it doesn’t help them make mortgage and rent payments now. The current government shutdown began on December 21st at midnight and on January 12th it became the longest shutdown in US history.
The US Congress must be deemed “essential” as they still receive their pay during the government shut down as does the President.
Happy Martin Luther King, Jr Day from Primary Residential MortgageKeep Reading...
Mortgage Rates Weekly Update for December 31, 2018
Mortgage Rates Updatefor December 31, 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 moved to the lows not seen since last May. If you look at the mortgage bond chart below, you can see mortgage bonds have rallied higher since hitting the lowest point of the year on November 8, 2018. Since then, bonds have continued higher break through each ceiling of resistance and finally breaking through the 200 day moving average which has been a ceiling of resistance bonds could not break all year. Stocks sold off to end the week on Friday which helped mortgage bonds move higher up to the next ceiling of resistance at 101.856. Since bonds continued to start strong even in the face of a stock market recover of a 1,000 points last week, we are recommending FLOATING your Mortgage Rate to start the week to see if bonds can break through the next ceiling and move mortgage rates even lower.
