Delaware Mortgage Rates Weekly Mortgage Market Update January 21, 2013
Delaware mortgage rate weekly update for the week of January 21, 2013, by John Thomas with Primary Residential Mortgage in Newark, Delaware. John is the Newark, DE 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 ended the week last week higher as mortgage bonds sold off to end the week and continued the downward trend line to mortgage bonds. Bonds were able to hammer out a solid line of support and did close above that line on Friday as you can see from the Bond Chart Below. The better than expected economic news and good news in the housing market has helped to push stocks higher at the expense of mortgage bonds. The Federal Reserve mortgage buying program has helped keep mortgage bonds from moving even lower which would move mortgage interest rates back into the 4s.
Initial Jobless Claims for Week of January 14th to January 18, 2013, came in lower by 37,000 at 335,000 claims. This was the lowest level in 5 years. This news helped the stock market to rally last week. We also saw Housing Starts surged by 12.1% in December 2012 to 954,000 units on an annualized basis. This number was the highest since June 2008 and above expectations. Building Permits for December 2012 were up 28.8% from last year. You can read the full report from the US Census Bureau for December 2012 at http://paper-money.blogspot.com/2013/01/new-residential-construction-report.html
Core Logic Reported that home prices increased by 7.4% from November 2011 till November 2012. This was the largest year over year increase since 2006. CoreLogic is predicting that we will see home prices in 2013 rise by 6% by the end of the year. We have had a positive increase in home prices for nine straight months.
Last week also saw the release of the Producer Price Index and the Consumer Price Index which both are a measure of inflation. Both reports showed that inflation was tame. This is great news for mortgage interest as low inflation will help keep home loan rates low.
I am recommending FLOATING your Delaware Mortgage Rate to see if mortgage bonds can rebound higher and move rates lower. 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, February 16, 2013, in Newark, Delaware and Tuesday, January 15, 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, February 9, 2013, in Towson, Maryland. Register by calling 410-412-3319 or Register online at http://www.MarylandHomeBuyerSeminars.com
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