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Delaware Mortgage Rates Weekly Mortgage Market Update for September 2, 2013

John Thomas September 3, 2013 Tags: , , , , ,
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Delaware Mortgage Rates weekly market update for the week of September 2, 2013, by John R. Thomas with Primary Residential Mortgage in Newark, Delaware. John Thomas 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 mortgage planning consultation or APPLY ONLINE for Delaware mortgage loan

Delaware mortgage rates rallied at the beginning of the week and moved lower but the rally faded to end the week as mortgage bonds met tough resistance at the 25-day moving average and a falling trend line.  If you look at the mortgage bond chart below you can see there was a big rally on Monday in the bond market as the threat of military action in Syria loomed. The instability in the Middle East caused money to move out of the stock market into the bond market during the week but a better than expected reading on GDP caused the bond market to lose steam and sell off to end the week.  With the 25 moving average as a tough ceiling of resistance for mortgage bonds, we are recommending LOCKING your Delaware mortgage rate to start the week. If you are not closing for 60 to 180 days then you can FLOAT to see how the market plays out.

Mortgage Bond chart 08-30-2013

In Economic News, the 2nd reading on GDP for the 2nd quarter was revised higher to 2.5% from 1.7% which was good news and caused the bond market to sell off on the news. Thursday we saw more good economic news as the Weekly Initial Jobless Claims fell by 6,000 claims to 331,000 claims. This good news pulled money out of the bond market and caused mortgage rates to rise to end the week.

initial jobless claims august 29 2013

USDA Rural Housing Loans Update – Effective October 1, 2013, USDA will be changing the eligible property areas when they switch from using the 2000 US Census to determine eligibility to the 2010 US Census. In Delaware, Middletown and Smyrna will no longer be eligible. Get more info and check your address at Delaware USDA Loans Update for October 1, 2013

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, September 14, 2013, in Newark, Delaware and First Time Home Buyer Seminar on Saturday, September 28, 2013, 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, September 14, 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

About John Thomas

John Thomas and his team are long-time Delaware natives. They know the local real estate market as well as they know the loan products that help them serve it. Dedicated to helping first-time buyers; the John Thomas Team are experts on first-time buyer loan programs (FHA, VA, USDA) and conduct monthly first-time buyer seminars that have been attended by more than 3000 Delaware buyers.

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