Mortgage Rates Weekly Update for December 3, 2018
Mortgage Rates Update for December 3, 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 lower last week after mortgage bonds were finally able to break above the 50 day moving average. If you look at the mortgage bond chart below, you can see mortgage bonds broke through the 50 day moving average on Tuesday and rallied higher the rest of the week ending on Friday with a Green Candle. Mortgage bonds are now trading in the middle of a wide trading range between the 50 day moving average acting as a support and a ceiling of resistance at 100.914. Bonds are still in overbought territory and any follow through to the downside could move rates higher as they move back down toward the 50 day moving average. We are recommending carefully FLOATING your mortgage rate to see if bonds can make a run at resistance and move rates even lower but if we get a negative crossover signal we would switch to locking right away.