Delaware Mortgage Rates weekly mortgage rate update for the Week of January 20, 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 were able to end the week almost where they started after a volatile trading week. If you look at the mortgage bond chart below, you can see mortgage bond prices ended Friday about where they ended the previous Friday after the worse than expect December Jobs Report. The Market is closed on Monday so we are going to recommend cautiously FLOATING your Delaware mortgage rate to start the week to see if bonds can improve but if bonds start to sell off we will quickly recommend LOCKING as the long term trend is still for bonds to sell off and interest rates to climb higher.

In Economic News, the Producer Price Index for December 2013 came in at hotter than expected at 0.4% which is a measure of inflation. The hotter than expected reading means inflation could be heating up which is bad news for mortgage bonds. If inflation kicks in then mortgage bond’s interest rates will rise as inflation rises. The year over year PPI is not at 1.4% which is almost double last months of 0.7%.

Weekly Initial Jobless Claims were released on Thursday and came in at 326,000 claims which were down slightly from last week’s revised number of 328,000 claims. Jobless claims seem to be settling into the 320k range.

In Housing News, the National Association of Home Builders Housing Market Index for January 2014 came in at 56, a bit lower than 57.5 expected. This is a slight drop from last month, but home builders are still optimistic about the market for 2014.

Housing Starts for December 2013 were released by the Census Bureau and they were down 9.8% at 999,000 units. This was stronger than expectations and still a very good number because last month’s number was the biggest increase in 14 years at 23.1%. Besides last month December’s housing start was still the best figure since April.

RealtyTrac reported that foreclosure filings plunged by 26% from 2012 to 2013, with only 1.4 Million foreclosure filings recorded in 2013. This was the lowest total since 2007 which shows the housing sector is continuing to rebound. Foreclosure filings peaked in 2010 and have fallen 53% since that time.

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, February 15, 2014, in Newark, Delaware. Register by calling 302-703-0727 or Dover Delaware First Time Home Buyer Seminar February 8, 2014, Register online at http://www.delawarehomebuyerseminar.com/. Register by calling 302-703-0727 or Register online at http://www.DelawareHomeBuyerSeminar.com

Then next Maryland First Time Home Buyer Seminar is Saturday January 25, 2014, 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