Delaware Mortgage Rates Update for August 21, 2017

Delaware Mortgage Rates Update for August 21, 2017 by John R. Thomas with Primary Residential Mortgage, Inc. in Newark, Delaware. Get advice on Locking or Floating your Delaware Mortgage Rate to start the week as well as the latest housing and finance news updates.  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

Delaware Mortgage Rates were able to end the week lower as mortgage bonds rebounded as the stock market declined for the 2nd straight week.  If you look at the mortgage bond chart below you can see that mortgage bonds were able to bounce off support and rally higher back to the ceiling of resistance.  Mortgage Bonds were turned lower at resistance on Friday so we are recommending LOCKING Your Delaware mortgage rate to start the week to take advantage of these record low mortgage interest rates.

In Economic News

The minutes from the Federal Reserve July 2017 Open Market Committee meeting were released last week and the statement’s were Dovish which helped support a rally in the bond market.  Fed committee members are worried that low inflation may persist and stay below the Fed’s target inflation rate of 2.0%.  There was also no indication of when the Feds would start the reduction of its $4.5 Trillion balance sheet of bonds and treasuries.

Retail Sales for July 2017 were released last week and rose 0.6% from June which was better than the expected 0.3%.  June 2017’s reading from revised higher from a negative -0.2% to a 0.3% increase.  This was the largest increase in Retail Sales in 7 months.  Consumer spending makes up two-thirds of the U.S. economy so this was great news to see a jump in retail sales.

Weekly Initial Jobless Claims, which measures the number of people filing for unemployment benefits for the first time were released on Thursday August 17th and showed that 232,000 claims were filed which is a drop of 12,000 claims.  This was better than expected and this will also be the sample week used in the August 2017.

In Housing News

Building Permits for July 2017 fell 4.1 percent from June 2017 to 1.223 million units on an annualized basis.  Building Permits is a measure of future construction.  The headline figure includes single family units and multi-family units.  Single family units by themselves were actually up 13% year over year.

Housing Starts for July 2017 fell 4.8% from June to 1.155 Million units.  Home Builders cite many reasons for the decline in Housing Starts, including a lack of skilled labor, lack of lots to build on and higher costs for materials.  Housing Starts are down 5.6 percent from July 2016.

First Time Home Buyer Seminars Coming Up:

The next Delaware First Time Home Buyer Seminar is Saturday September 23, 2017 in Newark, Delaware.

The next Dover Delaware First Time Home Buyer Seminar is Saturday September 16 , 2017 in Dover, 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

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