Mortgage Rates Weekly Update for December 24, 2018
Mortgage Rates Update for December 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 have move to the lows not seen since the spring of 2018 as bonds have benefited from a sell off in the stock market. If you look at the mortgage bond chart below, you can see bonds broke through the 200 day moving average last Tuesday which was a very significant ceiling of resistance. Bonds stayed above the 200 day moving average all week so it is now a very good floor of support for bonds. Monday stocks are expected to continue to sell off as a relief rally has not been evident and a strong floor of support for stocks is still lower. We are recommending FLOATING Your mortgage rate into holiday as bonds should benefit from a continued sell off in stocks, If stocks find a floor of support and mount a rally we quickly switch to locking your mortgage rate.