Delaware Mortgage Rates Weekly Mortgage Market Update for March 24, 2014
Delaware Mortgage Rates weekly mortgage market rate update for the Week of March 24, 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 Spike higher last week after the Federal Reserve Policy Statement was released on Wednesday. If you look at the mortgage bond chart below you can see the big red candle on Wednesday showing the mortgage bonds selling off after Fed Statement released. The bond found support on Thursday and Friday mortgage rates were able to keep from rising even higher. We recommend FLOATING your Delaware Mortgage Rate to start the week to see if bonds can hold and bounce higher after a big sell-off and move rates lower.
In Economic News, the Federal Reserve released its policy statement on Wednesday and announced it would continue to taper its Asset Purchase Program called QE3. The Feds announced it would taper another $10 Billion beginning April 2014. Currently, the Fed is buying $56 Billion a month in mortgage bonds and U.S. Treasuries but will drop it to only $55 Billion a month in April. The Feds goal is still to end the asset purchase program by the end of 2014 which will move mortgage interest rates higher as the year goes on and predictions are still for mortgage rates in the low 5s by end of the year.
Weekly Initial Jobless Claims were released on Thursday and claims increased by 5,000 claims to 320,000 claims. Jobless claims continue to hover around the lows seen in November 2013. We will need to see weekly claims drop below 300,000 to see a meaningful recovery in the labor market.
In Housing News, February 2014 Existing Home Sales dropped 7.31 percent from February 2013 at 4.6 Million units which is also 0.4 percent decline from January 2014. The National Association of Realtors is citing the harsh winter weather for the drop in Existing Home Sales.
Housing Starts for February 2014 dropped for a third straight month at 907,000 starts. Housing Starts measures the number of new construction homes that builders began construction on that month. The National Association of Home Builders Housing Market Index came in at 47 for March and anything below 50 shows that more builders have poor outlook versus a positive outlook. Builder Permits did surge higher by 7.5 percent which is a good as this is an indication of future construction. Once the weather breaks we will need to see if the housing market improves.
Call 302-703-0727 to schedule a 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 Delaware First Time Home Buyer Seminar is Saturday, April 19, 2014, in Newark, Delaware or Dover Delaware Home Buyer Seminar Saturday, April 12, 2014, in Dover, Delaware. Register by calling 302-703-0727 or Register online at http://www.DelawareHomeBuyerSeminar.com
Then next Maryland First Time Home Buyer Seminar is Saturday, March 29, 2014, in Towson, Maryland or Maryland First Time Home Buyer Seminar Saturday, March 22, 2014, in Rockville, 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