This week brings us the release of four economic reports for the markets to digest, but none of them are considered to be highly important to mortgage rates. However, this by no means leads me to believe we will have an uneventful week. This will be an extremely busy week for corporate earnings, which usually translates into stock volatility. The lack of important economic data on this week’s calendar makes it more likely that any significant swings in stock prices will influence bond trading and Delaware mortgage rates.

Tomorrow has September’s Industrial Production data scheduled to be posted. It will be released mid-morning, giving us an indication of manufacturing strength by tracking output at U.S. factories, mines and utilities. It is expected to show a 0.2% increase in output from August’s level, meaning that manufacturing activity rose slightly. A larger than expected increase in output would be negative for bonds and mortgage rates as it would indicate econo mic strength. A decline in output would likely push Delaware mortgage rates lower tomorrow morning.

September’s Housing Starts is the week’s second release, coming early Tuesday morning. This report will probably not have much of an impact on the bond market or Delaware mortgage rates. It gives us a measurement of housing sector strength and mortgage credit demand by tracking construction starts of new homes, but is usually considered to be of low importance to the financial and mortgage markets. It is expected to show a decline in new home starts between August and September. I believe we need to see a significant surprise in this data for it to influence Delaware mortgage rates.

The only report scheduled for release Wednesday will be released during afternoon trading when the Federal Reserve will post its Beige Book at 2:00 PM ET. This data details economic conditions throughout the U.S. by region. It is relied upon heavily by the Federal Reserve when determining monetary poli cy at their FOMC meetings. If it reveals stronger signs of economic growth from the last release, we could see mortgage rates revise higher shortly after its release.

The last report is September’s Leading Economic Indicators (LEI) late Thursday morning. This index attempts to measure future economic activity, particularly during the next three to six months. Current forecasts are calling for an increase of 0.3% from August’s reading. This would indicate that economic activity is likely to increase moderately over the next couple of months. That would be relatively bad news for the bond market and mortgage rates, but this report is considered to be only moderately important. Therefore, a small increase would not be of much concern to the bond and mortgage markets. Ideally, we would like to see a decline in the index.

Overall, I don’t see a particular day that should be labeled the single most important. The week’s economic reports are all moderately important to the markets, so we can’t rely on any of them to drive rates. In fact, the biggest force behind any noticeable moves in mortgage pricing may actually come from the stock markets. There are many companies posting earning reports during the week, including some big names that include Apple and Citigroup. If the corporate earnings releases are generally weaker than forecasts, stocks may suffer, making bonds more appealing to investors. The end result would likely be an improvement in rates. The flip side though is stronger than expected earnings that drive stocks higher, pushing bond prices lower and Delaware mortgage rates upward.

If I were considering financing/refinancing a Delaware home, I would…. Lock if my closing was taking place within 7 days… Lock if my closing was taking place between 8 and 20 days… Lock if my closing was taking place between 21 and 60 days… Float if my closing was taking place over 60 days from now… This is only my opinion of what I would do if I were financing a home. It is only an opinion and cannot be guaranteed to be in the best interest of all/any other borrowers.

If you are a First Time Home Buyer then you should attend our Free Delaware First Time Home Buyer Seminar .  The next seminar is Saturday October 23rd at the Christiana Hilton Hotel in Newark, Delaware from 10 AM till Noon and again from 1:00 PM till 3:00 PM.  Please call 302-703-0727 to register or send an e-mail to jthomas@primeres.com.

If you would like to apply for a Delaware Home Loan, you can APPLY ONLINE HERE, you can call John R. Thomas at 302-703-0727 or send an e-mail to jthomas@primeres.com

John R. Thomas – Certified Mortgage Planner – Primary Residential Mortgage, Inc.

302-703-0727 DE Office / 610-906-3109 PA Office / 410-412-3319 MD Office

248 E Chestnut Hill Rd
Newark, DE 19713
http://www.prmidelaware.com/

Bank of America has announced that it will exit the wholesale lending business.  Wholesale lending is the business of working with Mortgage Brokers in order to get loans originated.  This is the third time Bank of America has exited the wholesale lending business.  It had most recently got back into the business when it bought Countrywide and had to absorb its huge Mortgage Wholesale business.

Bank of America had an 8% market share for wholesale lending.  B of A said it was going to focus on its retail lending and its correspondent lending.  Retail lending is when you call Bank of America directly to get a loan and correspondent lending is when it buys loans from other mortgage banks after they originate and fund the loans.  Bank of America retail is notorious for delayed closings and frustrated borrowers so maybe this can help them get their act together.

If you are a First Time Home Buyer then you should attend our Free Delaware First Time Home Buyer Seminar .  The next seminar is Saturday October 23rd at the Christiana Hilton Hotel in Newark, Delaware from 10 AM till Noon and again from 1:00 PM till 3:00 PM.  Please call 302-703-0727 to register or send an e-mail to jthomas@primeres.com.

If you would like to apply for a Delaware Home Loan, you can APPLY ONLINE HERE, you can call John R. Thomas at 302-703-0727 or send an e-mail to jthomas@primeres.com

John R. Thomas – Certified Mortgage Planner – Primary Residential Mortgage, Inc.

302-703-0727 DE Office / 610-906-3109 PA Office / 410-412-3319 MD Office

248 E Chestnut Hill Rd
Newark, DE 19713
www.PRMIDelaware.com

This week brings us the release of only two monthly economic reports that are likely to influence Delaware mortgage rates. However, one of those two releases is extremely important to the financial and mortgage markets. We start the week with one of them and end it with the more important one. In between, we can expect the stock markets to drive bonds prices and mortgage rates. If the major stock indexes extend September’s gains, the bond market will likely move lower this week. As bond prices drop, their yields move higher. And since mortgage rates tend to follow bond yields, we would prefer to see stock weakness and bond prices to move higher.

Tomorrow’s data will come from the Commerce Department, who will post August’s Factory Orders data at 10:00 AM ET. This manufacturing sector report is similar to last week’s Durable Goods Orders release, but also includes orders for non-durable goods. It can impact the bond market enough to change mortgage rates if it va ries from forecasts by a wide margin. With it being the day’s only release and half of this week’s data, the markets may have a larger reaction to its results than they normally would. Analysts are forecasting a decline of 0.4% in new orders, meaning manufacturing activity slowed in August. This would be good news for the bond market and mortgage pricing, but I believe we will need to see a larger decline than 0.4% for this data to create an improvement in rates.

Tuesday, Wednesday and Thursday have nothing of concern scheduled. There are a couple of private sector reports due to be posted, but none of them have the potential to cause significant movement in mortgage rates. We will get last week’s unemployment numbers from the Labor Department Thursday morning, but since it tracks only a single week’s worth of new claims, its impact on the markets and mortgage rates is usually minimal. Worth noting though is the fact that this Thursday’s report will cover the last week of the month that Friday’s monthly report will include. Therefore, a significant surprise in Thursday’s numbers could cause some analysts to revise their estimates for Friday’s report and may influence Delaware mortgage rates slightly.

The Labor Department will post September’s Employment report early Friday morning. This report will reveal the U.S. unemployment rate, number of new payrolls added or lost during the month and average hourly earnings. These are considered to be very important readings of the employment sector and can have a huge impact on the financial markets. The ideal scenario for the bond market is rising unemployment, falling payrolls and a drop in earnings.

If this report gives us weaker than expected readings, bond prices should move higher and we should see lower mortgage rates Friday. However, stronger than forecasted readings could be disastrous for mortgage pricing. Analysts are expecting to see the unemployment rate rise b y 0.1% to 9.7%, little change in payrolls from August’s level and a 0.1% increase in earnings.

Overall, I suspect we will have a fairly quiet first part of the week with volatility increasing as the week progresses. Labeling Friday as the most important day is easy due to the importance of the Employment report and the lack of data scheduled other days. We may see movement in rates from day-to-day, but I believe we will see the most movement the latter part of the week.

If I were considering financing/refinancing a Delaware home, I would…. Lock if my closing was taking place within 7 days… Float if my closing was taking place between 8 and 20 days… Float if my closing was taking place between 21 and 60 days… Float if my closing was taking place over 60 days from now… This is only my opinion of what I would do if I were financing a home. It is only an opinion and cannot be guaranteed to be in the best interest of all/any other borrowers.

If you are a First Time Home Buyer then you should attend our Free Delaware First Time Home Buyer Seminar .  The next seminar is Saturday October 23rd at the Christiana Hilton Hotel in Newark, Delaware from 10 AM till Noon and again from 1:00 PM till 3:00 PM.  Please call 302-703-0727 to register or send an e-mail to jthomas@primeres.com.

If you would like to apply for a Delaware Home Loan, you can APPLY ONLINE HERE, you can call John R. Thomas at 302-703-0727 or send an e-mail to jthomas@primeres.com

John R. Thomas – Certified Mortgage Planner – Primary Residential Mortgage, Inc.

302-703-0727 DE Office / 610-906-3109 PA Office / 410-412-3319 MD Office

248 E Chestnut Hill Rd
Newark, DE 19713
www.PRMIDelaware.com

Delawareans have until October 15, 2010 to file their tax returns if they filed and extension instead of filing by April 15, 2010.

October 15, 2010

Final deadline to file individual tax returns (with extension).

Last day the IRS will accept an electronically filed tax return for 2009. If filing after October 15th, you’ll need to mail in your tax return for processing.

APPLY ONLINE today to be pre-approved for a mortgage to buy your first home in Delaware.

John R. Thomas – Certified Mortgage Planner – FHA, VA & USDA Specialist

Primary Residential Mortgage, Inc. 302-703-0727 DE Office / 610-906-3109 PA Office / 410-412-3319 MD Office

248 E Chestnut Hill Rd, Newark, DE 19713
www.PRMIDelaware.com

It is official: FHA was given authority on September 3, 2010 to change the amount charged to borrowers for both the Up Front Mortgage Insurance Premium and the Annual Mortgage Insurance premiums…and change them they did.

This will impact how you write up a Delaware FHA purchase agreement, as well as any monthly payments you might estimate

The new premium amounts will be effective on all FHA case numbers assigned on or after October 4, 2010 – so if you already have an Delaware FHA transaction in process, you won’t be impacted as long as your loan officer has already pulled an FHA case number, but new FHA clients who come into process on or after October 4th will be subject to the new guidelines.

The new guidelines affect both Refinances and Purchases.  So if you are purchasing or refinancing a home in Delaware you might want to contact me now so that we can get your FHA case # assigned because the changes on October 4th will make the same loan cost you more per month.

Here’s what you need to know:

• The Up Front Mortgage Insurance premium is now 1.0 % for all standard FHA programs, including on purchase money mortgages. This is a significant change from the 2.25% Up Front Mortgage Insurance typically in place on FHA 30 year Fixed Rate transactions.
• …but don’t break out the party hats just yet – the Annual Mortgage Insurance premium is now .90% for LTV’s greater than 95% on 30 year loans…and this is also a significant change from the .55% we’ve been accustomed to using when we calculate the monthly payment.
• There are different annual premium amounts for lower loan to values and for 15 year terms, so call me for more details if needed. And by the way, FHA now has the authority to raise the Annual Mortgage Insurance premium “at will”…up to 1.55%…so I’ll be keeping closely tuned to any changes and will be sure to keep you informed.

And if you have any other questions about how these changes will impact your clients, call or email me anytime. I’m always happy to review your clients’ situations, and help them secure the home of their dreams.

APPLY ONLINE today to be pre-approved for a mortgage to buy your first home in Delaware.

John R. Thomas – Certified Mortgage Planner – FHA, VA & USDA Specialist

Primary Residential Mortgage, Inc. 302-703-0727 DE Office / 610-906-3109 PA Office / 410-412-3319 MD Office

248 E Chestnut Hill Rd, Newark, DE 19713
www.PRMIDelaware.com

There will be a Free Delaware First Time Home Buyer Seminar on Saturday October 23, 2010 at 10:00 AM and again at 1:00 PM. The seminar will last about 2 hours and each participate will be able to recieve a free copy of their tri-merge credit report. The seminar will cover all of the basics of buying a new home in Delaware. The seminar will cover Delaware FHA loans, Delaware VA loans, Delaware USDA Rural Housing Loans, First Time Home Buyer Loan Programs and the Delaware FHA 203k Rehab loans.

Each participate will recieve a Free Audio CD on Homebuying 101, Credit Scoring Handbook, Homebuying Handbook, and an opputunity to meet with a mortgage planner to be pre-approved to buy a home at the seminar.You will also learn importance of credit in buying a home and learn valueable tips on how to improve your credit score. Learn what programs are available to help with down payment and closing costs. The new loan limits for conventional and FHA will be covered as well as changes to borrowing 100% financing.

The Seminar is being held at The Seminar is being held at The Christiana Hilton Hotel at 100 Continental Drive, Newark, DE 19713 from 10:00 AM till 12:00 PM and a second session from 1:00 PM till 3:00 PM. To register for the seminar, please call 302-588-3665 and ask for John Thomas. You can also e-mail me at jthomas@primeres.com.

For a Complete list of seminars visit Free Delaware Real Estate Seminars.

APPLY ONLINE today to be pre-approved for a mortgage to buy your first home in Delaware.

John R. Thomas – Certified Mortgage Planner – FHA, VA & USDA Specialist

Primary Residential Mortgage, Inc. 302-703-0727 DE Office / 610-906-3109 PA Office / 410-412-3319 MD Office

248 E Chestnut Hill Rd, Newark, DE 19713
www.PRMIDelaware.com

This week brings us the release of five relevant economic reports for the bond market to digest in addition to two relevant Treasury auctions. There is nothing of importance scheduled for release tomorrow, so look for the stock markets to influence bond trading and possibly mortgage rates. Generally speaking, stock market strength makes bonds less appealing to investors and leads to higher mortgage pricing. But I would not be surprised to see a relatively calm day tomorrow as traders prepare for this week’s data.

The first release of the week is September’s Consumer Confidence Index (CCI) late Tuesday morning. This Conference Board index will be posted at 10:00 AM ET and gives us a measurement of consumer willingness to spend. It is expected to show a small decline from last month’s reading, indicating that consumers were less optimistic about their own financial situations than last month, therefore, less likely to make large purchases in the near future. Th is is good news for the bond market and mortgage rates because consumer spending fuels economic growth. Analysts are calling for a reading of approximately 52.9, down from August’s 53.5. The smaller the reading, the better the news for the bond market and Delaware mortgage rates.

The Treasury will sell 5-year Notes Tuesday and 7-year Notes Wednesday, which will tell us if there is still an appetite for longer-term securities. If investor demand in these sales is strong, particularly from international buyers, the broader bond market should move higher, pushing mortgage rates lower. But a lackluster interest from investors could lead to bond selling and higher mortgage pricing. The results of each sale will be announced at 1:00 PM ET each day, so any reaction to the results will come during afternoon trading Tuesday and Wednesday.

Thursday’s sole monthly or quarterly data is the final revision to the 2nd Quarter Gross Domestic Product (GDP). Since this data is ag ed now and the preliminary reading of the 3rd Quarter GDP will be released next month, I don’t see this revision having much of an impact on the financial markets or mortgage pricing. The GDP is important because it is the total sum of all goods and services produced within the U.S. and is considered the best measurement of economic activity. It is expected to show no change from the previous estimate of a 1.6% increase in the GDP. It will take a fairly large revision for this data to move mortgage rates Thursday.

Friday has three reports scheduled that may influence mortgage rates. The first is August’s Personal Income and Outlays early Friday morning. It gives us an indication of consumer ability to spend and current spending habits. This is important to the markets because consumer spending makes up two-thirds of the U.S. economy. Rising income generally indicates that consumers have more money to spend, making economic growth more of a possibility. This is n egative news for the bond market and mortgage rates because it raises inflation concerns, making long-term securities such as mortgage related bonds less attractive to investors. It is expected to show a 0.3% rise in income and a 0.3% increase in spending. If we see smaller than expected increases, the bond market should react positively, leading to lower rates Friday.

The second report is the University of Michigan’s revised Index of Consumer Sentiment for September. The preliminary reading that was released earlier this month showed a 66.6 reading. Analysts are expecting to see a small upward revision, meaning consumer confidence was slightly higher than previously thought. As with Tuesday’s CCI release, a lower than expected reading would be good news for bonds and should help improve mortgage rates.

The Institute for Supply Management (ISM) will post their manufacturing index for September late Friday morning. This index measu res manufacturer sentiment. Analysts are expecting a decline from last month’s 56.3 reading. The 50.0 benchmark is extremely important because a reading above that level means more surveyed executives felt business improved than those who said it had worsened. This data is important not only because it measures manufacturer sentiment, but it is also very recent data. Some economic releases track data that are 30-60 days old, but the ISM index is only a few weeks old. If it reveals a reading below 54.5, meaning sentiment fell short of expectations, we should see the bond market rally and mortgage rates fall Friday. This is one of the more important reports of the week.

Overall, it is likely going to be a fairly active week in the markets and mortgage rates. The most important day will likely be Friday due to three reports being scheduled, but Tuesday’s events can also heavily influence mortgage rates. This is one of those weeks that I recommend maintaining contact with your mortgage professional if still floating an interest rate.

If I were considering financing/refinancing a Delaware home, I would…. Lock if my closing was taking place within 7 days… Lock if my closing was taking place between 8 and 20 days… Float if my closing was taking place between 21 and 60 days… Float if my closing was taking place over 60 days from now… This is only my opinion of what I would do if I were financing a home. It is only an opinion and cannot be guaranteed to be in the best interest of all/any other borrowers.

If you are a First Time Home Buyer then you should attend our Free Delaware First Time Home Buyer Seminar .  The next seminar is Saturday October 23rd at the Christiana Hilton Hotel in Newark, Delaware from 10 AM till Noon and again from 1:00 PM till 3:00 PM.  Please call 302-703-0727 to register or send an e-mail to jthomas@primeres.com.

If you would like to apply for a Delaware Home Loan, you can APPLY ONLINE HERE, you can call John R. Thomas at 302-703-0727 or send an e-mail to jthomas@primeres.com

John R. Thomas – Certified Mortgage Planner – Primary Residential Mortgage, Inc.

302-703-0727 DE Office / 610-906-3109 PA Office / 410-412-3319 MD Office

248 E Chestnut Hill Rd, Newark, DE 19713
www.PRMIDelaware.com

This week brings us the release of five relevant economic reports in addition to another FOMC meeting. Only one of the factual reports is considered to be of high importance. In fact, most of the economic news is considered to be low or moderately important. This should help limit the possibility of significant changes to mortgage rates most days this week.

August’s Housing Starts will kick-off the week’s data early Tuesday morning. This report will probably not have much of an impact on the bond market or mortgage rates. It gives us a measurement of housing sector strength and mortgage credit demand by tracking construction starts of new homes, but is usually considered to be of low importance to the financial and mortgage markets. It is expected to show a slight increase in new home starts between July and August. I believe we need to see a significant surprise in this data for it to have an impact on mortgage rates.

The FOMC meeting is Tuesday and is a one-day meeting. Mr. Bernanke and friends will adjourn at 2:15 PM ET. There is little possibility of seeing any type of change to key short-term interest rates. However, the post-meeting statement could very well lead to volatility during afternoon trading as investors dissect it in an effort to find when the Fed’s next move may come. The wild card is how the markets react to the statement because the lack of a change to key short-term interest rates shouldn’t affect afternoon trading. If we see significant weakness in stocks, the bond market may benefit as a safe-haven from the volatility. This could lead to lower mortgage rates Tuesday afternoon and Wednesday morning.

Thursday has two reports scheduled for release late morning. The Conference Board will post its Leading Economic Indicators (LEI) for August, while the National Association of Realtors gives us home resale figures. The LEI index attempts to measure economic activity over the next three to six months. It is expected to show a 0.1% rise, meaning that it is predicting a slight increase in economic activity over the next several months. A larger than expected increase would be considered negative news for bonds and could lead to a minor increase in mortgage rates Thursday.

August’s Existing Home Sales report will also be released late Thursday morning. The National Association of Realtors posts this data, giving us an indication of housing sector strength by tracking home resales in the U.S. It is expected to show an increase from July’s sales, however, this data probably will be neutral towards mortgage pricing unless its results vary greatly from forecasts.

The remaining two reports will be released Friday morning. August’s Durable Goods Orders is the week’s single most important data and will be posted early morning. This report gives us an indication of manufacturing sector strength by tracking orders for big-tic ket items at U.S. factories. Big-ticket products are items that are expected to last three or more years. Analysts are expecting to see a decline in new orders of 1.3%. A larger than expected drop in orders could help boost bond prices and cause mortgage rates to drop Friday. However, a smaller decline would indicate a stronger than expected manufacturing sector and would likely help push mortgage rates higher. It is worth noting that this data is known to be quite volatile from month-to-month, so a slight or moderate difference may not affect mortgage pricing.

The final report of the week is August’s New Home Sales, which is the sister release to Thursday’s Existing Home Sales. It is expected to show that sales of newly constructed homes rose last month, indicating some housing sector strength. As with most of this week’s data, this report will likely not have a significant impact on mortgage rates unless its readings differ greatly from for ecasts. This is the week’s least important report in terms of potential impact on mortgage rates.

Overall, the most important report of the week is Friday’s Durable Goods Orders and the most important day will probably be Tuesday due to the FOMC meeting. I don’t believe any of this week’s data has the potential to move the markets or mortgage rates heavily. However, we still may see some changes in rates day-to-day, especially if the stock markets move significantly higher or lower. If still floating an interest rate, continued contact with your mortgage professional is recommended, but this will likely be a calmer week if comparing to recent weeks.

If I were considering financing/refinancing a home, I would…. Lock if my closing was taking place within 7 days… Lock if my closing was taking place between 8 and 20 days… Float if my closing was taking place between 21 and 60 days… Float if my closing was taking place over 60 days from now… Th is is only my opinion of what I would do if I were financing a home. It is only an opinion and cannot be guaranteed to be in the best interest of all/any other borrowers.

This week brings us the release of five relevant economic reports that may influence Delaware mortgage rates. A couple of these reports are considered to be highly important to the financial and mortgage markets, meaning that we may see significant changes to rates this week. There is a very good chance of seeing noticeable changes in rates at least one day, if not several days this week. There is no relevant news scheduled to be posted tomorrow, so look for the stock markets to be the biggest force behind bond trading and changes to mortgage pricing until we get to the data releases.

August’s Retail Sales report will be posted early Tuesday morning. It will give us a very important measurement of consumer spending, which is extremely relevant to the markets because it makes up two-thirds of the U.S. economy. Current forecasts are calling for a 0.3% increase in sales. Analysts are also calling for a 0.3% rise in sales if more volatile auto sales are excluded. Larger th an expected increases would be considered bad news for bonds and likely lead to an increase in mortgage pricing since it would indicate economic growth.

Wednesday’s only data is August’s Industrial Production. This report gives us a measurement of manufacturing sector strength by tracking output at U.S. factories, mines and utilities. It is considered to be moderately important but could help change mortgage rates if there is a significant difference between forecasts and the actual reading. Analysts are expecting to see a 0.3% increase in production. A higher level of output could lead to higher mortgage rates, while a weaker than expected figure would hint at a soft manufacturing sector and would be considered good news for bonds and Delaware mortgage rates.

One of the week’s two important inflation readings will posted by the Labor Department early Thursday morning. This is August’s Producer Price Index (PPI), which gives us an important measurement of infla tionary pressures at the producer level of the economy. There are two readings that analysts follow in this release. They are the overall index and the core data reading. The core data is the more important of the two since it excludes more volatile food and energy prices. Analysts are predicting a 0.3% increase in the overall index, and a rise of 0.1% in the core data. Stronger than expected readings could fuel inflation concerns in the bond market. That would be bad news for bonds and mortgage rates because inflation is the number one nemesis of the bond market as it erodes the value of a bond’s future fixed interest payments. As inflation becomes more of a concern in the markets, bonds become less appealing to investors, leading to falling prices and higher Delaware mortgage rates.

Friday has two reports scheduled, but one is much more important than the other. The first is August’s Consumer Price Index (CPI) during early morning hours. The CPI is one of the most imp ortant reports we see each month. It is considered to be a key indicator of inflation at the consumer level of the economy. As with its’ sister PPI report, there are two readings in the report- the overall index and the core data reading. Current forecasts show a 0.2% increase in the overall reading and a 0.1% rise in the core data reading. As with the PPI, a larger increase in the core data would likely lead to higherDelaware mortgage rates.

The second report of the day and last of the week will be posted by the University of Michigan during late morning trading. Their Index of Consumer Sentiment will give us an indication of consumer confidence, which hints at consumers’ willingness to spend. If confidence is rising, consumers are more apt to make large purchases. But, if they are growing more concerned of their personal financial situations, they probably will delay making that large purchase. This influences future consumer spending data and can im pact the financial markets. It is expected to show a reading of 70.0, which would mean confidence rose from August’s level. That would be considered bad news for bonds and mortgage rates, but the CPI is much more important to the markets than this data is. Therefore, expect to see the CPI results drive the markets and mortgage pricing much more than this data.

Overall, I think we need to label Tuesday or Friday as the most important day of the week with the Retail Sales and CPI reports being released respectively. However, Thursday’s PPI release is also extremely important to the markets, so it cannot be ignored either. Tomorrow will probably end up being the calmest day for mortgage rates, but we still may see minor changes if the stock markets show much movement. I would strongly recommend maintaining fairly constant contact with your mortgage professional if still floating an interest rate.

If I were considering financing/refinancing a Delaware home, I would …. Lock if my closing was taking place within 7 days… Lock if my closing was taking place between 8 and 20 days… Float if my closing was taking place between 21 and 60 days… Float if my closing was taking place over 60 days from now… This is only my opinion of what I would do if I were financing a home. It is only an opinion and cannot be guaranteed to be in the best interest of all/any other borrowers.

If you are a First Time Home Buyer then you should attend our Free Delaware First Time Home Buyer Seminar .  The next seminar is Saturday September 25th at the Christiana Hilton Hotel in Newark, Delaware from 10 AM till Noon and again from 1:00 PM till 3:00 PM.  Please call 302-703-0727 to register or send an e-mail to jthomas@primeres.com.

If you would like to apply for a Delaware Home Loan, you can APPLY ONLINE HERE, you can call John R. Thomas at 302-703-0727 or send an e-mail to jthomas@primeres.com

John R. Thomas – Certified Mortgage Planner – Primary Residential Mortgage, Inc.

302-703-0727 DE Office / 610-906-3109 PA Office / 410-412-3319 MD Office

248 E Chestnut Hill Rd, Newark, DE 19713
www.PRMIDelaware.com

This week brings us the release of only two pieces of economic data, but neither of them are considered to be highly important. In addition to the economic releases, we also have two Treasury auctions that may play a role in this week’s mortgage pricing. The financial and mortgage markets will closed Monday in observance of the Labor Day holiday, meaning we will not see new Delaware mortgage rates until Tuesday morning.

The first release of the week comes Wednesday afternoon. The Federal Reserve will release its Beige Book report at 2:00 PM ET Wednesday. This report details current economic conditions in the U.S. by Federal Reserve regions. It is believed to be a key source of data when the Fed meets for their FOMC meetings and is usually released approximately two weeks prior to each meeting. If it reveals any significant surprises, we may see movement in the markets and mortgage pricing as analysts adjust their theories on the Fed’s next move. Most likely thou gh, it will be a non-event and will not lead to a noticeable change in Delaware mortgage rates.

Also Wednesday is a 10-year Treasury Note auction, which will be followed by a 30-year Bond auction Thursday. It is fairly common to see some weakness in bonds before these sales as investors prepare for them. If the sales are met with a decent demand from investors, indicating interest in longer-term securities such as mortgage-related bonds still exists, the earlier losses are usually recovered after the results are announced. The results of the sales will be posted at 1:00 PM ET each day. If demand was strong, particularly from international investors, we should see mortgage rates improve during afternoon trading Wednesday and Thursday.

July’s Goods and Services Trade Balance data will be posted early Thursday morning, giving us the size of the U.S. trade deficit. It is expected to show a deficit of approximately $47.2 billion, which would be a decline from June’s $49.9 billion. However, I would consider this the least important of this week’s events, meaning it will likely have little impact on bond trading or Delaware mortgage rates unless it varies greatly from forecasts.

Overall, this week looks like it will be much less active for Delaware mortgage rates than last week was. With the financial markets closed tomorrow, we only have four days of trading. There is no particular data that is important enough to label its day of release as the most important of the week. This may allow the stock markets to heavily influence bond trading and therefore, impact mortgage rates this week. As long as the stock markets do not stage a sizable rally or sell-off this week, the likelihood of seeing significant changes to mortgage rates is fairly minimal.

If I were considering financing/refinancing a Delaware home, I would…. Lock if my closing was taking place within 7 days… Lock if my closing was taking place between 8 and 20 days… Lock if my c losing was taking place between 21 and 60 days… Float if my closing was taking place over 60 days from now… This is only my opinion of what I would do if I were financing a home. It is only an opinion and cannot be guaranteed to be in the best interest of all/any other borrowers.

If you are a First Time Home Buyer then you should attend our Free Delaware First Time Home Buyer Seminar .  The next seminar is Saturday September 25th at the Christiana Hilton Hotel in Newark, Delaware from 10 AM till Noon and again from 1:00 PM till 3:00 PM.  Please call 302-703-0727 to register or send an e-mail to jthomas@primeres.com.

If you would like to apply for a Delaware Home Loan, you can APPLY ONLINE HERE, you can call John R. Thomas at 302-703-0727 or send an e-mail to jthomas@primeres.com

John R. Thomas – Certified Mortgage Planner – Primary Residential Mortgage, Inc.

302-703-0727 DE Office / 610-906-3109 PA Office / 410-412-3319 MD Office

248 E Chestnut Hill Rd, Newark, DE 19713
www.PRMIDelaware.com