Delaware mortgage rate weekly mortgage market update for the week of April 15, 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 at the beginning of last week but were able to rebound and move back toward some of the lowest rates of the year for 2013. As you can see in the Bond Chart below, mortgage bonds sold off to the start the week but were able to bounce off support on Thursday and ended the week almost back to the high for the year for mortgage bonds. We recommend carefully FLOATING to start the day Monday as mortgage bonds are at the best levels of the year and could fall lower causing home loan rates to move higher.

In Economic News, The National Federation of Independent Busines reported that it Business Survey Index fell from 90.8 to 89.5 for March 2013 which suggests the US Job market is deteriorating. The S&P Stock Index hit an all-time record high on Wednesday of 1587.73. The S&P is touted as the best gauge of the US Stock Market as it includes 500 of the leading US companies. Weekly Initial Jobless Claims were reported on Thursday and they fell by 42k claims to 346,000 which was below expectations of 365,000.

The Retail Sales for March 2013 fell by 0.4% and this was below expectations and was the biggest one month decline in nine months. The retail sales drop is best explained by the increase in payroll taxes for 2013. Consumers are taking less money home as payroll taxes are eating up more of each check so less money to spend in the economy. This reports hints that the spring may bring the common Spring Slow Down in the economy. This fall in Retail Sales probably explains why Consumer Sentiment for April 2013 fell to 72.3 which is the lowest level since July 2012. The producer price index was also released last week which again showed inflation is remaining very tame which is good news for mortgage bonds.

In housing news, RealtyTrac reported on Thursday that foreclosure filings fell by 23% year over year for March 2013.  This doesn’t reflect the fact that filings in judicial states are currently backlogged as the process now takes much longer which means Delaware, Maryland, Pennsylvania, and New Jersey all have a backlog of foreclosures as these are all judicial states for foreclosure proceedings. This is one of the reasons contributing to the low inventory of home for sale that we see in these markets.

In the local news, New Castle County DPS down payment assistance program was suspended on 04/12/2013 by the county because it has run out of funds.  There is no update on when or if will be refunded. There was no warning as e-mail was sent to housing counselors on Thursday stating funds no longer available as of 04/12/2013. The New Castle County VHAP program for vacant homes still has plenty of money.

I am recommending FLOATING your Delaware Mortgage Rate to see if mortgage bonds can continue to move higher and move rates lower. 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 save thousands of dollars in interest. There are several special governments refinance programs to help underwater Delaware homeowners 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, April 20, 2013, in Newark, Delaware and Tuesday, April 23, 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, April 20, 2013, in Towson, Maryland. Register by calling 410-412-3319 or Register online at http://www.MarylandHomeBuyerSeminars.com

If you would like to apply for a Mortgage Loan, you can APPLY ONLINE HERE, you can call John Thomas at 302-703-0727.

John R. Thomas – NMLS 38783

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