Delaware Mortgage Rates Weekly Mortgage Market Update for June 10, 2013
Delaware mortgage rates weekly market update for the week of June 10, 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 continue to move higher as the mortgage bond struggles to find a bottom of the support. If you look at the mortgage bond chart below you can see mortgage bonds have been selling off and stepping lower almost every week since the beginning of May 2013. We are hoping the bond can find a bottom here and bounce higher as indicated by the arrow but if bonds move lower than downward trend will continue in bonds. We are recommending LOCKING your Delaware mortgage rate as the bond has not been able to hold a level of support so the risk is for rates to continue to move higher.
The May 2013 Jobs Report was released on Friday and it came in better than expected. 175,000 jobs were created in May 2013 which was better than the expected amount of 159,000. But the unemployment rate actually moved higher from 7.5% to 7.6%. The reason for the move higher was more people started looking for work that hadn’t been looking so were included in the unemployment calculation. The May Jobs Report also showed the Labor Force Participation Rate (LFPR) move up to 63.4% from its 30 year low of 63.3% as 420,000 people entered the workforce. This is the first time the LFPR improved in several months. This is a better indication of the working population as it includes everybody 16 years or older that is able to work and calculates whether you are or are not working.
In housing news, CoreLogic reported that home prices in April 2013 were up 12.1 percent from April 2012. Compare this to only a 2.6% increase from April 2011 till April 2012. The rise in April 2013 was the largest annual gain since February 2006. Home prices also increased by 3.2 percent from March 2013 to April 2013. Home prices are still 22.4 percent below their peak in April 2006. If you are looking to purchase a home then all the information is pointing to getting off the fence now and getting under contract because the longer you wait the more the house will cost and the higher the interest rate will be.
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 home owners 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, June 15, 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