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.

Another potential contributing factor is a speech by Fed Gov Kroszner in which he discussed the long and lonesome road to recovery in the mortgage market. He didn’t really say anything unexpected. But the component that traders may not have enjoyed was the notion that recovery would be slower and that more regulation would be needed.

So the news is bad news for mortgage rates, so if you have been floating, I would lock in today before a re-price for the worse.

We still have room for people at our First Time Home Buyers seminar on May 31st at 10:00 am so contact me if interested in registering.

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