Delaware Mortgage Rates weekly mortgage rate update for the Week of March 17, 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 move lower last week as mortgage bonds were able to rally on a falling stock market. If you look at the mortgage bond chart below you can see bonds were able to bounce off a layer of support and move higher putting mortgage interest rates near historically low levels. We are recommending cautiously FLOATING your Delaware mortgage rate to start the week but be on guard to lock as when bonds hit this high level they have turned lower over the last couple of weeks.

The mortgage bonds were able to rally last week on two big events. The first event was the uncertainty created by Russia’s threat of military invasion on Ukraine to seize Crimea. This caused the stock market to sell off and helped boost the bond market. The second big event was the release of the news of an economic slow down in China. China’s overseas shipments fell by 18.1% in February 2014 which is the largest one month drop since August 2009. Falling exports for China could signal a global economic slow down which is moving money into the bond markets.

In Economic News, Retail Sales for February 2014 rose 0.3% unexpectedly after falling for two straight months. Retail Sales measure consumer spending so a rise showed consumers were spending in spite of the harsh winter conditions. A rise in Retail Sales would lead to a better economic outlook as it makes up one-third of consumer spending.

Weekly Initial Jobless Claims came out on Thursday and fell to 315,000 which is the lowest level since November 2013. This report is a good sign of the Labor Market showing signs of improvement.

Inflation at the wholesale level was very tame with the Producer Price Index falling y -0.1% versus a positive 0.2% expected. As long as inflation remains tame, the Federal Reserve can continue printing money with its Quantitative Easing Program where they are purchasing $65 Billion a month in mortgage bonds and U.S. Treasuries.

In Housing News, RealtyTrac reported that Foreclosure Filings for February 2014 were down 10% from January 2014 and were down 27% year over year.

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, March 22, 2014, in 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, March 29, 2014, in Towson, Maryland or Maryland First Time Home Buyer Seminar Saturday, March 22, 2014, in Rockville, 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