Mortgage Rates Update November 21 2016
Mortgage Rates Update for November 21, 2016
Mortgage Rates update for the Week of November 21, 2016 by John R. Thomas with Primary Residential Mortgage, Inc. in Newark, Delaware. John Thomas is the Branch Manager, a Delaware Loan Officer and the author of the best selling book, Your Guide to Buying Your First Home in Delaware. Call 302-703-0727 for a Rate Quote or Apply Online for Rate Quote
Mortgage Rates moved to the highest level for 2016 on Friday as mortgage bonds continued to sell off. If you look at the mortgage bond chart below you can see the series of long red candles which show the bond continues to sell off and break through each floor of support. Last Week we saw a false bounce back higher on bonds that didn’t as Thursday resumed the sell off in Bonds and followed through again on Friday. The technicals show a strong sell signal still for bonds so rates could continue to move higher therefore we recommend LOCKING your mortgage rate to start the week.
In Economic News
Retail Sales for October 2016 rose by 0.8 percent which is a good reading and could signal a very good holiday buying season. Retail Sales are up 4.3 percent from a year ago and September and October Retail Sales were the best two months since 2014.
We saw two measures of inflation released last week, one on wholesale inflation and one on consumer inflation. The Producer Price Index (PPI) measures inflation at the wholesale level and came in flat so showed very tame inflation at the wholesale level. The Consumer Price Index (CPI) measures inflation at the consumer level and it came in timid and was up only 1.6% year over year.
Weekly Initial Jobless Claims were released on Thursday and came out at record 43 year low at 235,000 claims for the week. This also marks the 89th consecutive week of jobless claims below 300,000 claims. This is also the sample week to be used in the November Jobs report so we would expect to see a very good jobs report.
In Housing News
The US Commerce Department release October 2016 Housing Starts last week which surged higher by 25.5 percent from September 2016 and was the highest number since 2007. Housing Starts were up 23.3 percent from October 2015. Housing Starts measures the number of new construction homes that builders have started construction on for that month. Building Permits for October 2016 were up 0.3% from September 2016.
First Time Home Buyer Seminars Coming Up:
The next Delaware First Time Home Buyer Seminar is Saturday December 17, 2016 in Newark, Delaware.
The next Dover Delaware First Time Home Buyer Seminar is Saturday January , 2017 in Dover, Delaware.
Register by calling 302-703-0727 or Register online at http://www.DelawareHomeBuyerSeminar.com
DE Mortgage Rates remain near all time record low rates but having been moving higher as of late, so it is the perfect time to purchase or refinance a home before interest rates move even higher. Call 302-703-0727 for a free mortgage consultation with a licensed mortgage loan officer that can review your options with you or APPLY ONLINE