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.