Mortgage Rates weekly market update for the Week of March 23, 2015, by John R. Thomas with Primary Residential Mortgage, Inc. in Newark, Delaware. John Thomas is the Branch Manager 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 were able to rebound higher last week after the Federal Reserve Meeting boosted stocks and bonds higher.  If you look at the mortgage bond chart below you will see the big green candle on Wednesday which was the giant rally in the bond market after the Federal Reserve released the minutes from their meeting.  Bonds were able to close above the 50 days moving average on Friday which will add support to bonds so we are recommending FLOATING your Mortgage Rate to start the week to see if bonds can build on this rally.

In economic news, Wednesday the Federal Reserve Open Market Committee (FOMC) released their policy statement which stated they were going to remain “patient” before raising short term interest rates.  This statement sent Stock, Bonds, and Oil all higher on Wednesday.  The Feds also reduced their projections for the U.S. Gross Domestic Product (GDP) from 2.6 to 3.0% down to 2.3 to 2.7%.

Weekly Initial Jobless Claims were released on Thursday at 291,000 claims for the week. This was up 1,000 claims from the previous week and was higher than expectations but basically remained the same from the previous week.  This initial claims report will be used in the Jobs Report for March which may have a “positive” effect on the jobs report which could be bad news for bonds when released so we will be on guard for this report the first week of April.

In Housing News, Housing Starts for February 2015 plunged 17% from January to 895,000 starts on an annualized basis.  This was below expectations of 1.04 Million starts but the drop was blamed on the harsh winter weather seen in February.  But Building Permits for February 2015 were up 3%  from January to 1.092 Million permits on an annualized basis.

USDA Rural Housing Loan Underwriting Turn Times at Rural Development for files in Delaware as of 3/23/2015 they are working on reviewing files that have been submitted on 3/9/2015 so they are taking about 10 Business days to review files currently so plan your closing dates accordingly.

First Time Home Buyer Seminars Coming Up:

The next Delaware First Time Home Buyer Seminar is Saturday, April 18, 2015, in Newark, Delaware.

The next Dover Delaware Home Buyer Seminar is Saturday, April 25, 2015, in Dover, Delaware

Register by calling 302-703-0727 or Register online at http://www.DelawareHomeBuyerSeminar.com

Quote of the Day: “If you are not part of the Solution then you are part of the Problem” by Eldridge Cleaver

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