Mortgage Rates Weekly Update [November 26 2018]

John Thomas November 26, 2018 Tags: Delaware Mortgage Rates, mortgage rates

Mortgage Rates Weekly Update for November 26, 2018

Mortgage Rates Update for November 26, 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 rebounded since hitting a 7 year high in November, helped by a sell off in the stock market which continued on Friday. If you look at the Fannie Mae 4.0% Mortgage Bond Chart below you can see mortgage bonds have been trapped in a tight trading range this past week between the 25 day moving average (Support) and the 50 Day Moving Average (Resistance). If bonds can break above the 50 day moving average they have some room to move higher which would move mortgage interest rates lower. When we looking at the trading technicals there has been an overbought sign on the stochastic chart and if we see a negative crossover confirm it could mean a selloff in mortgage bonds which would move mortgage interest rates higher. We are recommending CAREFULLY FLOATING Your Mortgage Rate to start the week to see if bonds can break above the 50 day moving average but if we see bonds test the 25 day moving average or we see a crossover on the Stochastic chart, we would quickly switch to a locking stance. Keep Reading...

Understanding Your Mortgage Payment

John Thomas November 22, 2018 Tags: Mortgage Payment

Understanding Your Mortgage Payment

Your monthly Mortgage Payment consists of paying back the money you borrowed (principle balance) and the interest charged to borrower the money. This is commonly called your Principle & Interest or P&I for short. The actual payment is calculated based on how much you owe, the interest rate on your mortgage loan, and the term of the loan (amortization). Below is an example:

Amount Owed (Principle Balance) – $200,000

Mortgage Interest Rate – 5.5%

Term (Amortization) – 30 Years

Monthly Mortgage Payment (P&I) – $1,135.58
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Understanding the Home Appraisal

John Thomas November 21, 2018 Tags: Home Appraisal

Understanding the Home Appraisal

The Home Appraisal is required by your mortgage lender so that they can determine the value of your home compared to the sales price. The home appraisal is ordered by the mortgage lender through a independent third party called an appraisal management company or AMC for short. The AMC will assign a licensed appraiser to take the order. The mortgage lender and the borrower are not allowed to know who the appraiser is prior to the inspection of the home and the completion of the appraisal report. This rule is to ensure that the lender and the borrower do not try to influence the appraiser’s opinion of value. The appraiser’s opinion of value on the home appraisal report is called the “fair market value” of the property. If you would like to get started on a mortgage loan to purchase or refinance a home, give the John Thomas Team a call at 302-703-0727 or APPLY ONLINE
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Mortgage Rates Weekly Update [November 19 2018]

John Thomas November 18, 2018 Tags: Delaware Mortgage Rates, mortgage rates

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. Keep Reading...

Mortgage Rates Weekly Update [November 12 2018]

John Thomas November 10, 2018 Tags: Delaware Mortgage Rates, mortgage rates

Mortgage Rates Weekly Update for November 12, 2018

Mortgage Rates Update for November 12, 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 been moving higher since end of August and had big sell off after Jobs Report for October 2018 and have followed through on that sell off until finding support on Thursday. If you look at the Fannie Mae 4% Mortgage Bond Chart below you can see mortgage bonds have sold until until Thursday when Red Candle stopped right at support at 99.391. Mortgage bonds were able to rally higher off this support on Friday as you can see with the green candle. Mortgage ended the week about where they started and are in the middle of a wide trading channel. Mortgage bonds have been following the lead of the 10 year US Treasury so we predict it will continue to do so this week absent any unexpected economic news. The 10 Year stopped right at support at 3.19% yield and if it can break below this, mortgage bonds could continue to move higher and move mortgage interest rates lower so we are recommending carefully FLOATING Your mortgage rate to start the week but we have to watch the 10 year, if it doesn’t break lower and moves back up toward the 3.25% level, we would quickly switch to a locking stance.
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Mortgage Rates Weekly Update [November 5 2018]

John Thomas November 5, 2018 Tags: Delaware Mortgage Rates, mortgage rates

Mortgage Rates Weekly Update for November 5, 2018

Mortgage Rates Update for November 5, 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 higher since August and last week hit a 2 year high for mortgage rates after the Jobs Report for October 2018 was released. If you look at the mortgage bond chart below, you can see mortgage bonds have been in a down trend since August and tried to stabilize last week but bonds sold off on Friday with large red candle after the jobs report and bond broker through floor of support. Mortgage bonds are in a wide range between support at 99.438 and overhead resistance at the 25 day moving average. Mortgage Bonds are trying to Rally off support so we are recommending carefully FLOATING your mortgage rate to start the week but be very careful, if the 10 year treasury move higher toward 3.25% then we would recommend locking your mortgage interest rate right away so please stay in touch to monitor the bond market and the treasury market.
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Mortgage Rates Weekly Update [October 1 2018]

John Thomas October 1, 2018 Tags: Delaware Mortgage Rates, mortgage rates

Mortgage Rates Weekly Update for October 1, 2018

Mortgage Rates Update for October 1, 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 finally able to move lower last week after mortgage bonds rallied higher from a floor of support. If you look at the mortgage bond chart below you can see mortgage bonds had been selling off since end of August but finally found a floor of support on September 24, 2018 and were able to rally higher last week. But mortgage bonds sold off on Friday and ended the week with a red candle which formed a very bad technical signal so we are recommending LOCKING your mortgage rate to start the week. Keep Reading...

Mortgage Rates Weekly Update [September 24 2018]

John Thomas September 24, 2018 Tags: Delaware Mortgage Rates, mortgage rates

Mortgage Rates Weekly Update for September 24, 2018

Mortgage Rates Update for September 24, 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 continued to move higher last week as mortgage bonds sold off as the stock market rallied higher . If you look at the Fannie Mae 4.0% mortgage bond chart below you can see mortgage bonds are in a downward trend that started at the end of August shown with the black arrow. Mortgage bonds were able to find a floor of support on Wednesday and held Thursday and Friday at that floor of support so we are recommending FLOATING your mortgage rate to start the week to see if mortgage bonds can rally higher off this floor of support. Keep Reading...