Mortgage Rates Weekly Update for February 19, 2018
Mortgage Rates Update for February 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 were able to finally stabilize last week after mortgage bonds found a floor of support. If you look at the mortgage bond chart below you can see mortgage bonds were able to bounce higher off a floor a off support (Blue Horizontal line) and end the week higher just below a ceiling of resistance. We are recommending FLOATING your mortgage rate to start the week to see if mortgage bonds can continue to rally break through the ceiling of resistance which would move mortgage interest rates lower. The long term trend is still for mortgage rates to move higher but in the short term we might be able to catch a slight improvement in interest rates by floating. If mortgage bonds switch course and break below the support from last week, we will quickly switch to a locking stance.