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...

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

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

Retail sales came in exactly on target. Unfortunately, sales minus the ever-fluctuating auto industry came in better than expected. This will give encouragement to the stock market and feed a sell-off of bonds – translating to an increase in rates today. Oil also jumped up today and is looking to finish at an all-time high again.  Look for a re-price late in the day for the worse. Keep Reading...

With little economic data on the schedule for last week, the major economic story during the week was the continued rise in oil prices, which hit a new record high of $126 per barrel. Oil prices have nearly doubled since last summer. A major Wall Street investment bank issued a forecast this week that predicted a spike in oil prices to between $150 and $200 per barrel, possibly before the end of the year.

The impact of rising oil prices on mortgage markets could be either positive or negative, depending on a couple of factors. Rising oil prices lead to higher prices for goods and services, and higher inflation usually leads to higher mortgage rates. On the other hand, higher energy costs slow economic activity, which serves to reduce inflationary pressures. In general, stock investors don’t like to see higher oil prices, while mortgage investors are less concerned. Delaware Mortgage Rates ended the week about where they started. Keep Reading...

Fannie Mae announced a series of new initiatives called “Keys to Recovery” in its first quarter 2008 report this week. The new effort is geared toward providing liquidity, stability, and affordability to the housing and mortgage markets for the long term, keeping struggling borrowers in their homes, assisting prospective home buyers with home purchases, and stabilizing communities affected by the mortgage market downturn. According to the report, the initiatives include:

1) A new refinancing option for up-to-date but “underwater” borrowers with loans owned by Fannie Mae that will allow for refinancing up to 120 percent of a property’s current value; Keep Reading...