Delaware Mortgage Rates Weekly Update for April 28, 2014

John Thomas April 27, 2014 Tags: Delaware Home Loans, Delaware Mortgage Rates, Delaware mortgages, John Thomas, mortgage loans, primary residential mortgage

Delaware Mortgage Rates weekly mortgage rate update for the Week of April 28, 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 improved last week as the Stock Market sold off and tensions overseas escalated. If you look at the mortgage bond chart below you can see mortgage bonds were able to bounce off a floor of support last week and recover the losses from the previous week sell-off. The short term trend is for mortgage rates to move lower so we are recommending FLOATING your Delaware Mortgage Rate to start the week to see if bonds can continue to rally to start the week.

Renewed tensions in Ukraine have hurt the stock market and helped the bond market. Russia, as accused by the Ukraine Prime Minister, accused Russia of trying to start World War III. Pro-Russian separatists in Eastern Ukraine have been seizing government buildings. Russia has amassed a huge army along the border ready to move into Eat

In Economic News, the Weekly Initial Jobless Claims were released on Thursday and they jumped up to 329,000 claims for the week. This was an increase of 24k jobless claims from the previous week which was 305,000 claims. Last week was a holiday week which might explain the jump up in claims as some employers may not have had enough work during the holiday week. The 305,000 claims the previous week was during the week the Jos Report numbers are calculated for the next jobs to report so we might see better than expected numbers in the Jobs Report.

In Housing News, New Home Sales for March 2014 dropped 14.5% to only 384,000 sales. This was the lowest reading on New Home Sales since July 2013. The analyst is showing concern for the housing market but the factors for the drop in New Home Sales are known yet. In contrast to this report, we see that the median home price on a New Home Sale is up a whopping 17.4% from last year at $290,000. If the housing market was slowing we would not see an increase in median home price rather we would see a decrease.

Existing Home Sales for March 2014 was released last week and it came in higher than expected 4.59 Million units sold which was a slight drop from last month by 0.2%. The Median Home Price on Existing Home Sales was $198,500 which is up 7.9% from last year.