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Delaware Mortgage Rates Weekly Update for July 8, 2013

John Thomas July 7, 2013 Tags: , , , , , ,
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Delaware mortgage rates weekly market update for the week of July 8, 2013, by John R. Thomas with Primary Residential Mortgage in Newark, Delaware. John 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 free mortgage planning consultation or APPLY ONLINE for Delaware mortgage loan

Delaware Mortgage Rates Jumped Higher on Friday after the Jobs Report for June 2013 was released. If you look at the mortgage bond chart below you can see the big Red Candle on Friday showing the bond closing down 200 basis points which is the biggest one day drop in a LONG TIME!! Mortgage bonds also dropped on Thursday by 44 basis points so in a week we saw mortgage rates jump by 0.5%! Rates are pushing 5% now with most loan products. With the damage done and mortgage bonds looking very overbought we are recommending FLOATING your Delaware mortgage rate to start the week.

mortgage bond chart 07-08-2013

The Bureau of Labor & Statistics released the June 2013 Jobs Report on Friday and it came out better than expected at 195,000 jobs created versus 166,000 expected. The release of this news was also simultaneous with the ECB and the Bank of England announcing they’re both going to keep their interest rates low which helped fuel the stock market rally, pulling money out of mortgage bonds. The Jobs Report also revised May and April Numbers higher by 70,000 jobs created. The report wasn’t that good to make the bond market move like it did so we definitely think the bond market is oversold and is ripe for a pullback, but how long till the bond market rallies we don’t know. The Jobs Report showed the unemployment rate stayed the same at 7.6% and the U6 number actually increased to 14.3 percent. The U6 number also includes people who took part-time work and people who have stopped looking for work which isn’t counted in the 7.6% unemployment figure.

non-farm payrolls for June 2013

In housing news, CoreLogic reported that home prices increased by 12.2 percent from May 2012 to May 2013 so again we see the housing market continuing to do well as home prices continue to rise. Home prices rose by 2.6% from April 2013 to May 2013. It is still a great time to purchase a home as home prices are still 20.4 percent below their peak in 2006. The low inventory of available homes and low rates have helped fuel the housing recovery. CoreLogic went on to say that home prices are predicted to rise by 13.2% from June 2013 to June 2014.

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, July 20, 2013, in Newark, Delaware and Tuesday, July 27, 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, July 20, 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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