Delaware Mortgage Rates weekly market update for the Week of October 21, 2013, by John R. Thomas with Primary Residential Mortgage in Newark, Delaware. John Thomas 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 ended the week lower as the uncertainty in the market helped rally the bond market. If you look at the mortgage bond chart below you can see mortgage bonds closed Friday below the 200 days moving average and we are seeing a double top pattern emerge. The double top will probably cause traders to sell off and move mortgage rates higher in the short term. We are recommending LOCKING your Delaware Mortgage Rate as the risk is for rates to move higher from here after hitting 200-day moving average and the double top trading pattern.

In Political News, the government shutdown has been lifted as Congress passed legislation to keep the government open until January 15, 2014, and increased the debt limit till about February 7, 2014. All that was accomplished was to “kick the can” down the road to the beginning of 2014.  This has caused the bond market to rally as the government shut down and the looming government shut down in January 2014 has hurt the economy and consumer confidence. This is bad economic news but is helping mortgage bonds. We could see mortgage rates move lower as the economy suffers.

In Economic News, the weekly initial jobless claims were 358,000 which was above the expected 330,000. This is a reversal of the trend of lower jobless claims as you can see from the chart below.

In Housing News, the National Association of Home Builders released its October Housing Market Index which came in at 55 which is down from 57 in September 2013. It is still above the low of 41 in April 2013 and anything above 50 shows builders are more positive about current conditions.

Update on USDA Rural Housing Loans – USDA is supposed to be back up and running on October 21, 2013, so lenders should be able to submit loans again for Rural Development to underwrite and issue commitments. The current eligible areas have also been extended till January 14, 2014, so Middletown, Delaware, and Smyrna, Delaware are still eligible!

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, November 16, 2013, in Newark, Delaware and Free First Time Home Buyer Seminar on Saturday, October 26, 2013, in Dover, 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, November 16, 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