Delaware mortgage rates weekly market update for the week of May 20, 2013 by John R. Thomas with Primary Residential Mortgage in Newark, Delaware. John is the Newark, Delaware Mortgage Branch Manager and the author of the book, Your Guide to Buying Your First Home in Delaware. Call 302-703-0727 to get a free mortgage planning consultation or APPLY ONLINE for Delaware mortgage loan
Delaware mortgage rates moved higher again last week as the bond moved lower to the end the week. You can see the mortgage bond traded up and down last week but finished the week lower but was able to close above a level of technical support. Home loan rates still remain near record lows as Federal Reserve still buying mortgage backed securities to hold mortgage rates low. We are recommending FLOATING your Delaware mortgage rate as mortgage bonds have been able to hold above level of support, if bonds sell off below level of support then we will quickly switch to a LOCKING stance.
Thursday we saw the weekly initial jobless claims jumped up by 32,000 to 360,000 which is the highest level since late March 2013 and we also saw the read on inflation remain tame at both the wholesale and consumer level. The Consumer Price Index fell by 0.4% which was the lowest level in four years This was all bond friendly news and actually helped mortgage interest rates move lower on Thursday. But Friday we saw the release of Consumer Sentiment and it came in much better than expected at 83.7 for May 2013 which was well above the expected 78.5. This helped the stock market rally and pulled money out of the bond market so Mortgage rates ended the week higher than they started.
In Housing News, Housing Startes for April 2013 dropped to 853,000 units for April 2013 which was a 16.5 percent drop. This was below expectations but was mostly due to a drop in apartment buidling activity. Even with the drop, Housing Starts are still up 13 percent from April 2012 to April 2013. Building Permits surged by 14.3 percent for April 2013 to 1.017 million units which was well above expectations. Building Permits is a measure of future construction so this supports the take off of home builders this year.
Call 302-703-0727 to schedule a free mortgage consultation to get pre-approved for a mortgage to purchase a home or to refinance your existing mortgage to lower your rate and sace thousands of dollars in interest. There are several special government refinance programs to help underwater Delaware home owners refinance. There is the FHA Streamline Refinance Program, the VA IRRRL Streamline Refinance Program, and there is the HARP 1.0 and HARP 2.0 refinance programs. Call us or e-mail us now to get more information or you can APPLY ONLINE.
The next Free Delaware First Time Home Buyer Seminar is Saturday June 22, 2013 in Newark, Delaware and Tuesday May 21, 2013 in Dover, Delaware. Register by calling 302-703-0727 or Register online at http://www.delawarehomebuyerseminar.com/
Then next Free Maryland First Time Home Buyer Seminar is Saturday June 15, 2013 in Towson, Maryland. Register by calling 410-412-3319 or Register online at http://www.MarylandHomeBuyerSeminars.com
John R. Thomas
Certified Mortgage Planner – NMLS 38783
Primary Residential Mortgage, Inc. – Newark Delaware Mortgage Company
248 E Chestnut Hill Rd
Newark, DE 19713
302-703-0727 DE Office
410-412-3319 MD Office
610-906-3109 PA Office
Branch Manager / Loan Officer - NMLS 38783