Delaware Mortgage Rates Weekly Market Update for June 17, 2013
Delaware mortgage rates weekly market update for the week of June 17, 2013, by John R. Thomas with Primary Residential Mortgage in Newark, Delaware. John 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 were finally able to stabilize last week and stop their trek higher. We saw mortgage rates were able to improve slightly as the mortgage bond found a bottom of support and was able to bounce higher as can been seen from the bond chart below. We are recommending cautiously FLOATING your Delaware mortgage rate to start the week to see if bonds can continue to trade higher. If bonds reverse course and sell off again we will quickly switch to a locking stance.
What caused the mortgage bond to find support and bounce higher to end the week? There was a report in the Wall Street Journal that said the Federal Reserve would stop their talk of tapering the Federal bond-buying program called QE3 until 2014. This helped both stocks and bonds rally on Thursday. Then on Friday, the International Monetary Fund (IMF) said that the Feds would slightly reduce their asset purchase program in 2014 which helped support the bond bounce off support on Friday.
We did see some good economic reports last week that show the U.S. economy is improving. We saw the Retail Sales for May 2013 come in better than expected at 0.6% which showed sales rising at the fastest pace in 3 months. The weekly initial jobless claims on Thursday fell to 334,000 which was better than expectations and the lowest since early May 2013. But there are 2.4 Million people that are still not working that were before the Great Recession. We also saw the credit rating agency S&P upgraded the U.S. credit rating from negative to stable.
In Housing News, CoreLogic reported that 850,000 homeowners returned to positive equity in their homes from being underwater during the first quarter of 2013 and 1.7 Million have moved into positive equity from a year ago. This is great news for housing and shows that the housing recovery is continuing as home prices appreciate. So now is the time to get off the fence and purchase a home!
In Local Housing News, Delaware State Housing Authority announced the implementation of a Delaware First Time Home Buyer Tax Credit Program that rolls out July 9, 2013. Qualifying first time home buyers can receive a tax credit of up to $2,000 on their tax return for every year they have the mortgage interest. You must contact a participating lender to qualify so you can call Primary Residential Mortgage at 302-703-0727 to apply or get more information.
Call 302-703-0727 to schedule a free 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 homeowners 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 Free Delaware First Time Home Buyer Seminar is Saturday, June 22, 2013, in Newark, Delaware and Tuesday June 18, 2013 in Dover, Delaware. Register by calling 302-703-0727 or Register online at http://www.delawarehomebuyerseminar.com/
Then next Free Maryland First Time Home Buyer Seminar is Saturday, July 20, 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