Mortgage Rates Weekly Update [July 24 2017]
Mortgage Rate Weekly Update for July 24, 2017
Mortgage Rate Weekly Update for July 24, 2017 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 lower last week as mortgage bonds broke through resistance and rallied higher. If you look at the mortgage bond chart below you can see mortgage bonds were able to break above rough ceiling of resistance and moved up their 50 moving average. The technical trading signals now point to a rally in the bond market higher so we are recommending FLOATING Your mortgage rate to start the week.
In Economic News
ECB President, Mario Draghi, left interest rates unchanged in the European Union in their meeting last week and looked to September as to when they may announce unwinding their balance sheets which may coincide with the United States efforts to do the same thing announce the start of Quantitative Tightening now that the European Economy has turned around.
Weekly Initial Jobless Claims were released on Thursday and claims dropped 15,000 to 233,000 claims for the week which was the 43rd consecutive week of jobless claims below 300,000. This week is the sample week that will be used in the July Jobs Report which points to a strong jobs report for July.
In Housing News
Building Permits for June 2017 rose 7.4 percent from May 2017 to annual rate of 1.254 million units. Building permits are a measure of future construction.
Housing Starts for June 2017 surged higher 8.3 percent from May 2017 to 1.215 million units on annualized basis which was the highest level of new home starts since February. Housing Starts measure the number of new homes builders started construction on for that month. Housing starts were up 2.1% from June of 2016.
First Time Home Buyer Seminars Coming Up:
The next Delaware First Time Home Buyer Seminar is Saturday August 19, 2017 in Newark, 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
Mortgage Rates Weekly Update