Delaware Mortgage Rates Weekly Mortgage Market Update October 22, 2012
Delaware mortgage rate weekly mortgage market update for the week of October 22, 2012, by John R. Thomas with Primary Residential Mortgage in Newark, DE. John is the Newark 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 were on an upward trend last week as we saw the release of positive economic news and hints that inflation was heating up. We saw two very good reports on housing released last week. First, the Housing Starts for September surged 15% in September 2012. Housing starts are the number of new residential homes that have begun construction in that month. The Housing Starts for September 2012 were 872,00 which was much higher than expected at 768,000. This is very good news on the housing front as builders will not start building without feeling confident they will sell.
The second good report for housing was Building Permits increased by 11% in September 2012 which was also above expectations. Building permits are requests for builders to start future construction which shows builders have confidence in the housing recovery. Building permits were 45.1 percent higher than September 2011.
Retail Sales Report for September 2012 came in better than expected and August report was revised higher, this sent Stock market higher on Monday the 15th and started the sell-off in the bonds we saw last week which moved mortgage rates higher.
We also saw the Consumer Price Index (CPI) and the Core CPI come in hotter than expected which shows inflation might be heating up. This report also weighed on the bond market.
Friday, October 19, 2012, we did see a slight recovery in the mortgage bond market which did help home loans stop edging higher and tick slightly lower. The move down in rates was a reaction to the stock market selling off when earnings reports for Microsoft, GE, & Google were all much worse than expected. We also saw the release of Existing Home Sales for September 2012 was down 1.7% from August 2012. They are still up 11% from September 2011.
I am recommending LOCKING in your Delaware Mortgage Rate if you are closing in the next 30 days to take advantage of the lowest rates ever in history! 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, November 17, 2012, in Newark, Delaware and Tuesday, October 23, 2012, 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, November 17, 2012, 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