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.