Delaware Mortgage Rates Weekly Update for June 16, 2014
Delaware Mortgage Rates weekly update for the Week of June 16, 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 stabilize last week after a run higher of the last couple of weeks. Mortgage Rates appear to be ready for a move lower as mortgage bonds have a technical trading pattern that is predicting a bounce off recent lows and to move higher. As mortgage bonds move higher, interest rates will move lower. We are recommending FLOATING your Delaware Mortgage Rate to start the week to see if bonds can follow through this week on the technical patterns that are predicting a move higher in bonds and lower in rates.
In Economic News, there were two disappointing reports last week that helped mortgage bonds stabilize. The first report was Retail Sales for May 2013 which came out at 0.3 which was lower than the 0.7 expected.Â This was the lowest Retail Sales reading since January of this year. Retail Sales make up about one-third of all consumer spending and are the main driver behind economic activity in the United States. In order for an economic recovery, Retail Sales needs to grow.
The second economic report that helps boost mortgage bonds on Friday was the Consumer Sentiment coming out worse than expected at 81.2 versus 81.9 which shows consumers aren’t feeling as good about the economy. We also saw a third report that helped the mortgage bond market as well, on Friday the Producer Price Index (PPI) for May dropped 0.2% versus an expected increase of 0.2%. The PPI is a measure of inflation so having inflation drop after recent increases is an encouraging sign for bonds.
Thursday we saw the release of the Weekly Initial Jobless Claims which ticked up to 317,000 Claims for the week. Claims have been inching up lately from the lows not seen since 2007. The labor market is still cloudy as we finally recovered all of the jobs lost in the last recession but the number of jobs recovered doesn’t tell the full story because we still have 3.6 million fewer high paying jobs in the manufacturing, construction, and government sectors than before the Great Recession.
In Housing News, RealtyTrac reported there was a 5 percent drop in all types of foreclosures from April 2014 to May 2014. There was an also a 26 percent decrease in foreclosures from May 2013 to May 2014. This is good news for the housing market showing that distressed homeowners are decreasing.
The next Delaware First Time Home Buyer Seminar is Saturday, June 21, 2014, n Newark, Delaware. Register by calling 302-703-0727 or Register online at http://www.DelawareHomeBuyerSeminar.com
Then next Maryland First Time Home Buyer Seminar is Saturday, June 28, 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