Mortgage Rates Weekly Update for June 18, 2018
Mortgage Rates Update for June 18, 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 move lower last week after mortgage bonds found a floor of support and rallied higher. If you look at the mortgage bond chart below you can see mortgage bonds sold off until finding a floor of support of Wednesday and were able to rebound and rally higher on Thursday and again on Friday. Mortgage bonds were stopped again at the 50 day moving average which they have failed to break through so we are cautious that bonds can break through this ceiling. The Stock market is selling off in the face of trade wars overseas and mortgage bonds are still not able to break above the 50 day moving average so we are recommending to very careful FLOAT your mortgage rate to see if can break above the 50 day moving average but if stocks recover, we would quickly switch to a locking stance.