Delaware Mortgage Rates weekly mortgage market update for the Week of October 13, 2014 by John R. Thomas with Primary Residential Mortgage, Inc. in Newark, Delaware. John Thomas is the Newark, Delaware Branch Manager and the author of the best selling book, Your Guide to Buying Your First Home in Delaware. Call 302-703-0727 to get a mortgage planning consultation or APPLY ONLINE for Delaware mortgage loan
Delaware Mortgage Rates still hover around the all time lows of the year but in the short term we may see a pull back as traders will sell bonds to lock in profit. If you look at the mortgage bond chart below you can see mortgage bonds set record high for the year and then sold off. The short term trend is for mortgage bonds to move higher but with bonds being at all time record highs for the year we are recommending LOCKING in your Delaware Mortgage Rate unless you are not settling for 60 days or more as the short term risk versus reward doesn’t warrant floating.
In Economic News, Weekly Initial Jobless Claims came out on Thursday better than expected at 187,000 claims which is a drop of 1k claims from the previous and well below expects of 293,000 claims. Jobless claims continue to come in very good pointing to a stronger labor market.
The Federal Reserve released the minutes of their meeting on Wednesday which helped stocks recover from their recent sell off. The Fed minutes stated they see inflation remaining under 2% for the next 2 years. Feds also lowered their forecast for economic growth citing problems with the global economy and a stronger dollar. The Feds gave the market indication that they would not be raising the Feds Fund Rate anytime soon.
In Housing News, CoreLogic Reported their August Home Price Index for 2014 and it showed a 6.45% increase year over year for home prices. This is down from July 2014 Home Price Index which was 6.81% year over year. CoreLogic predicting a 5.2% home price increase year over year for August 2015.
The next Delaware First Time Home Buyer Seminar is Saturday October 18, 2014 in Newark, Delaware. Register by calling 302-703-0727 or Register online at http://www.DelawareHomeBuyerSeminar.com
Then next Maryland First Time Home Buyer Seminar is Saturday October 18, 2014 in Towson, Maryland and Frederick Maryland First Time Home Buyer Seminar on November 8, 2014 in Frederick, Maryland and Laurel Maryland First Time Home Buyer Seminar on November 5, 2014. 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.
248 E Chestnut Hill Rd
Newark, DE 19713
302-703-0727 DE Office
410-412-3319 MD Office
610-906-3109 PA Office