Delaware Mortgage Rates weekly mortgage market update for the Week of November 25, 2013, by John R. Thomas with Primary Residential Mortgage in Newark, Delaware. John Thomas 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 after the Federal Reserve Meeting Minutes renewed fears of tapering their asset purchases this year versus waiting until 2014. If you look at the bond page below you can see a red candle down on Tuesday when Mortgage Bond hit the 200 days moving average and was turned lower. Then on Wednesday big red candle down after the Federal Reserve Minutes was released and renewed fears of tapering caused sell-off in the bond market. Mortgage rates were able to stabilize to end the week so we are recommending FLOATING your Delaware Mortgage Rate to start the week to see if mortgage bonds can recover.

The Federal Open Market Committee released their meeting minutes for October 2013 meeting on Wednesday and it showed that Fed members did discuss tapering the asset purchase program called QE3 this year as a possibility. This lead to an uncertainty of when they may actually start tapering the $85 Billion a month they are spending on purchasing mortgage bonds and U.S. Treasuries which caused a sell-off in the bond market moving interest rates higher.

In Economic News, the U.S. Labor Department reported the Weekly Initial Jobless Claims on Thursday at 323,000 claims which are a drop of 21,000 claims from the previous week. This was the lowest drop in claims in nearly three months but Veterans Day Holiday may account for the drop so we will have to look at this week’s claims to see if there is a rise in claims.

Retail Sales Rose by an unexpected 0.4% for October 2013 and the increase was due to the drop in the energy prices so less money spent at the Gas Pump allows more money for clothing and electronics. The measure of inflation from the Consumer Price Index (CPI) came in very tame at 0.1% which was below expectations and was the result of dropping energy prices. The CPI measures inflation at the retail level.

The Stock Markets set record highs on Friday with the DOW Jones closing above 16,000 for the first time every and the S&P 500 closed above 1,800 for the first time ever. The stock markets are benefiting from the continued asset purchase program of the Feds QE3. As long as the Feds keep purchasing bonds and treasuries, the stock market will keep rallying but as soon as the tapering starts we will probably see a pullback in the markets.

In Housing News, October 2013 Existing Home Sales fell by 3.2 percent due to rising home prices and rising home loan interest rates. Expectations were for 5.2 Million Homes to be sold on an annualized basis but we only have 5.12 Million Homes sold. October marked the second straight month that Existing Home Sales have declined.

Call 302-703-0727 to schedule a 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 home owners 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 Delaware First Time Home Buyer Seminar is Saturday, December 14, 2013, in Newark, Delaware. Register by calling 302-703-0727 or Register online at http://www.delawarehomebuyerseminar.com/
The next Dover Delaware Home Buyer Seminar is Saturday, January 11, 2014, in Dover, Delaware. Register by calling 302-703-0727 or Register online at http://www.DelawareHomeBuyerSeminar.com

Then next Maryland First Time Home Buyer Seminar is Saturday, December 7, 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