Mortgage Rates Weekly Update for September 3, 2018
Mortgage Rates Update for September 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 moved higher last week as mortgage bonds were turned lower by a tough ceiling of resistance. If you look at the Fannie Mae 4.0% mortgage bond chart below you can see mortgage bonds started the week on Monday with a red candle which meant mortgage bonds sold off. Bonds fell to a low on Wednesday when they were able to find a floor of support at the 25 moving average. Bonds were able to rally higher on Thursday and Friday and ended the week just above support at the 50 day moving average. We are recommending FLOATING Your mortgage rates to start the week to see if mortgage bonds can make a run at the tough overhead resistance at 101.988 on the chart.