Delaware Mortgage Rates came out lower today because of the news yesterday plus the anticipation of the release of the jobless claims. The 5.5% coupon fell 13/32nds this morning bringing us to 100-04.

The reasons for this are not entirely straightforward. Jobless claims released today were 365k. This was better than the expected 370k, but still maintains a low moving average, and keeps the level of continuing claims over 3 mil. However, the markets interpreted this “turn around” as a potential early sign of a recovering labor market. Thus, stocks are up a bit, and a blow was dealt to bonds. Keep Reading...

As discussed yesterday, each time the price curve on the 5.5% coupon approaches 101-00, we begin to encounter resistance, and it will likely take an incontrovertibly grim economic outlook to create sufficient demand to push us higher. A 200 point drop in the Dow would be enough, but only if the index itself were much closer to 12000 than 13000. This would have to coincide with a lack of negative mortgage-related headlines.

We had hoped to float until the Fed Minutes today, but the Mortgage Backed Securities market appears to be getting a little too much resistance. So be advised some lenders may reprice for the worse if they already have Mortgage Interest rates out. We’re down 7/32nds on the day so far on the 5.5% coupon. Keep Reading...

Here are the daily thoughts on floating or locking your Delaware Mortgage Loan Interest Rate.

As always – consult your favorite mortgage professional who will be able to offer the best advice for YOUR unique situation.

The Producer Price Index (PPI) – the cost of supplies to produce consumer goods – came in below expectations. Though stripping out the volatile energy and food prices, the core PPI was higher than expected.

Technically speaking – the FNMA 5.5% 30-year bond jumped yesterday as the stock market slid from its daily high. This morning the bond is rallying due to both the PPI slipping and stock markets down around the globe. Keep Reading...

Mortgage bond prices remained near unchanged last week holding Delaware Mortgage interest rates steady. Trade continued to be extremely volatile with discount points rising and falling by as much as 1/2 on a near-daily basis. Once again, gyrating oil prices caused much of the volatility. The price of a barrel moved as much as $6.00 in a trading day. Rising oil prices stoked inflation fears and resulted in Delaware mortgage rate spikes. 

For the week, Delaware interest rates on government and conventional loans fell by about 1/8 of a discount point. Keep Reading...

HOME PRICES: 

This past week, I reviewed the median home price information for the 80 highest priced metropolitan areas for the last three years (2005-2007) as compiled by the National Association of Realtors using U.S. Census Bureau information. Over the two year period, only 16 are down. Two are in California, six are in New England, four are in Florida, two are in Nevada, and the other two are in the metropolitan areas around Minneapolis, Minnesota and Hagerstown, Maryland.

Over a one year period (2006-07), 9 areas have dropped double digits, and all but two (Las Vegas and Hagerstown) are in Florida or California. Those going up by double digits over a one year period are in San Jose California, Atlantic City, NJ, Kennewick, Washington and Yakima, Washington. The Philadelphia area has gone from a median of $215,000 in 2005 to $234,600 in 2007.  Allentown Pennsylvania has gone from $243,400 to $260,500.  The New York, North Jersey area has moved from $445,200 to $469,700. Keep Reading...

Here are the daily thoughts on locking or floating your Delaware Mortgage Rate for May 15, 2008.

Here’s the News That’s Moving Markets Today:

1. Empire State MFG Survey

This report was much higher than expected last month, and we had hoped that would be an outlier as opposed to a sign of economic recovery.  Today we were vindicated. The consensus was for no growth at 0.0 and the actual report was released at negative 3.2. Great News for MBS.

2. Jobless claims were almost dead on with expectations at a 371k loss. The consensus was a 370k loss. This keeps the moving average very low and is another reassurance that we are indeed moving into a deeper recession.  Good News for MBS. Keep Reading...

The following events are sponsored by the Downtown Newark Partnership

May 2008 Events
5/8 thru 5/29 Spring Concert Series on Academy Lawn every Thursday Evening from 7-8 PM

5/18 Memorial Parade Sunday at 1 PM

June 2008 Events
Every Thursday in June Spring Concert Series on Academy Lawn from 7-8 PM

6/7 Newark Nite 5-9:30 PM

July 2008 Events
7/4 Liberty Day and Fireworks 4-9 PM University of Delaware Athletic Complex

7/26 Food & Brew Festival Saturday from 12 PM on Sidewalk Sales

For more information on events in the city of Newark, Delaware visit www.enjoydowntownnewark.com Keep Reading...

Here are the daily thoughts on floating or locking your Delaware Mortgage Rate for May 14, 2008.

As always – consult your favorite mortgage professional who will be able to offer the best advice for YOUR unique situation.

Consumer Prices came in below target expectations today. Both the regular and the core were lower than expected. This rather tame reading on inflation, while normally good for bonds, has caused the stock market to improve markedly causing bonds to lose what little they gained today.

Technically speaking – the FNMA 5.5% 30-year bond which had a major downturn yesterday has since managed to bounce off of the 200 days moving average. Keep Reading...