Mortgage Rates Weekly Update for December 31, 2018
Mortgage Rates Update for December 31, 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 to the lows not seen since last May. If you look at the mortgage bond chart below, you can see mortgage bonds have rallied higher since hitting the lowest point of the year on November 8, 2018. Since then, bonds have continued higher break through each ceiling of resistance and finally breaking through the 200 day moving average which has been a ceiling of resistance bonds could not break all year. Stocks sold off to end the week on Friday which helped mortgage bonds move higher up to the next ceiling of resistance at 101.856. Since bonds continued to start strong even in the face of a stock market recover of a 1,000 points last week, we are recommending FLOATING your Mortgage Rate to start the week to see if bonds can break through the next ceiling and move mortgage rates even lower.