Delaware Mortgage Rates Weekly Market Update for June 9, 2014

John Thomas June 8, 2014 Tags: Delaware Home Loans, Delaware Mortgage Rates, Delaware mortgages, John Thomas, mortgage loans, primary residential mortgage

Delaware Mortgage Rates weekly update for the Week of June 9, 2014, by John R. Thomas with Primary Residential Mortgage, Inc. in Newark, Delaware. John Thomas is the Newark, Delaware Branch Manager and the author of the best selling book, Your Guide to Buying Your First Home in Delaware. Call 302-703-0727 to get a mortgage planning consultation or APPLY ONLINE for Delaware mortgage loan

Delaware Mortgage Rates moved higher as last week started but were able to rebound back to unchanged levels so mortgage rates essentially ended the week about where they started. If you look at the mortgage bond chart below you can see the short term trend at the beginning of the week was for bonds to sell off and move rates higher but we were able to find a bottom on Wednesday and rebound into the Jobs Report on Friday. Bonds were able to hold after the Jobs Report so we are going to recommend starting the week FLOATING your Delaware Mortgage Rate.

The big news last week was the release of the Jobs Report for May 2014 on Friday which came out at 217,000 jobs created which was a decline from April of 282,000 Jobs. The Unemployment Rate stayed the same as last month at 6.3% which is a low not seen since September 2008. The Labor Force Participation Rate (LFPR) stayed the same at 62.8% which is a 35 year low. The LFPR measures the number of people 16 years and older eligible for work that are working full time. In order to have a recovery back to full employment for the nation, we need the LFPR to move up not just have the unemployment rate go down as unemployment doesn’t count people that have dropped out of the workforce.

The Weekly Initial Jobless Claims came out on Thursday higher at 312,000 claims and last week was revised higher from 300,000 claims to 304,000 claims. A jobless report close to 300k is a good report. If the trend can hold for jobless claims to be around 300k that will bode well for the labor market.

In Housing News, CoreLogic reported that Home Prices Increased 10.5% year over year from April 2013 to April 2014. Home prices increased 2.1% from March 2014 to April 2014 which follows a 1.4% gain from February to March. This shows appreciation is picking up now that we are into the Spring Market.