Mortgage Rate Weekly Update for April 24, 2017

Mortgage Rate Weekly Update for April 24, 2017 by John R. Thomas with Primary Residential Mortgage, Inc. in Newark, Delaware. John Thomas is the Branch Manager, a Delaware Loan Officer and the author of the best selling book, Your Guide to Buying Your First Home in Delaware.  Call 302-703-0727 for a Rate Quote or Apply Online for Rate Quote

Mortgage Rates ended the week about where they started which is almost the lows for the 2017.  If you look at the mortgage bond chart below you can see mortgage bonds have rallied higher since hitting the lows of the year in the middle of March.  Mortgage bonds are now at a very tough ceiling of resistance which they failed to break and stay above this week which means going to be tough for bonds to move higher from here and move mortgage interest rates lower.  We are recommending LOCKING Your mortgage rate to start the week as mortgage rates are at lows for 2017 and could move higher in the short terms if mortgage bonds sell off.

In Economic News

Retail Sales for March 2017 fell for the 2nd month in a row dropping 0.2% in March from February which was the worst 2 month stretch for Retail Sales in 2 years.  Retail Sales have a direct result on GDP for the economy as consumer spending makes up two thirds of the overall economy.  Predictions for the first reading of GDP for the first quarter of 2017 are a very anemic 0.6%.

The Consumer Price Index (CPI) for March 2017 was released and showed inflation dropped 0.3% from 2.7% to 2.4% on a year over year basis.  CPI measures inflation at the consumer level and a drop in inflation is good for mortgage bonds.

Weekly Initial Jobless Claims were released on Thursday and came out at 244,000 claims for the week which was 10,000 claims higher than the previous week.  This is a very good number for jobless claims and this is also the sample week to be used in the April Jobs Report so points to a good jobs report for April.

In Housing News

The US Commerce Department reported that New Construction Housing Starts for March 2017 and they fell almost 7 percent to 1.215 million units on an annualized bases.  The good news is Housing Starts year over year from March 2016 to March 2017 are up 9 percent.  Building Permits for March 2017 were up 3.6 percent and year over year were up 19 percent so New Construction Homes should do well into the Spring & Summer Months based on the number of building permits.

The National Association of Realtors (NAR) reported that Existing Home Sales for March 2017 jumped up 4.4 percent from February 2017 to 5.71 Million units, which was the fastest pace of Existing Home Sales in 10 years.

First Time Home Buyer Seminars Coming Up:

The next Delaware First Time Home Buyer Seminar is Saturday May 13, 2017 in Newark, Delaware.

The next Dover Delaware First Time Home Buyer Seminar is Saturday June 24 , 2017 in Dover, Delaware.

Register by calling 302-703-0727 or Register online at http://www.DelawareHomeBuyerSeminar.com

DE Mortgage Rates remain near all time record low rates but having been moving higher as of late, so it is the perfect time to purchase or refinance a home before interest rates move even higher.  Call 302-703-0727 for a free mortgage consultation with a licensed mortgage loan officer that can review your options with you or APPLY ONLINE

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