Delaware Mortgage Rates weekly rate update for the Week of April 14, 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 improved last week as mortgage bonds rallied. Mortgage Bonds were able to rally last week as the Stock Markets sold off. If you look at the mortgage bond chart below you can see bonds have rallied back this week but are close to a tough layer of overhead resistance. The last two times we hit this high the bond turned lower and rates moved higher. We are going to recommend cautiously FLOATING your Delaware Mortgage Rate to see if bonds can continue to rally.
In Economic News, The Labor Department reported the Producer Price Index came in at 0.5% which was above the 0.1% expected. PPI is a measure of inflation at the wholesale level and 0.5% shows inflation heating up which can be bad news for bonds if it continues. We also saw Consumer Sentiment come out on Friday at 82.6 which was above the 81 expected. This shows consumers are feeling better about the economy.
The Weekly Initial Jobless Claims fell by 32,000 claims on Thursday at 300,000 jobless claims. This is near a 7 year low and is a good sign that the labor market may be improving as we head into Spring.
In Housing News, RealtyTrac reported that foreclosure filings fell to the lowest level since the second quarter of 2007. In addition, March was the forty-second consecutive month where foreclosure activity decreased from the previous year. Foreclosure filings declined by 23 percent from March 2013 to March 2014.
The National Association of Realtors (NAR) President sent letter to HUD asking them to change the FHA mortgage insurance premiums to make housing more affordable for middle to low income borrowers. The letter asks HUD to increase the upfront mortgage insurance premium and lower the monthly mortgage insurance premium to make FHA loans more affordable and also to help sure up the insurance fund from loans that are being paid off.
The next Delaware First Time Home Buyer Seminar is Saturday April 19, 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 April 26, 2014 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