Mortgage Rates weekly market update for the Week of June 1, 2015, by John R. Thomas with Primary Residential Mortgage, Inc. in Newark, Delaware. John Thomas is the Branch Manager, a 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 were able to rebound lower last week as mortgage bonds rallied on lower stock prices.  If you look at the mortgage bond chart below you can see mortgage bonds moved higher last week after bouncing off the lows of 2015.  We are recommending FLOATING Your Mortgage Rate to start the week to see if mortgage bonds can continue to rally higher moving interest rates lower.

In Economic News, the second reading of the Gross Domestic Product (GDP) for the 1st quarter of 2014 came out at -0.7% which was worst then the 0.2% first reading.  The GDP is the broadest measure of the health of the U.S. Economy.  The GDP grew by 2.4% for all of 2014 and was predicted to grow at 2.5% for 2015 but the first quarter reading of -0.7% is not looking for the start of the US Economy for 2015.  The positive side is it helped rally mortgage bonds higher.

Consumer Sentiment for May 2015 was released on Friday and it dropped to the lowest level of the year at 90.2. Weekly Initial Jobless Claims were released on Thursday and they came out 7,000 claims higher at 282,000 claims for the week.  Next Friday will be the release of the May 2015 Jobs Report.

In Housing News, New Home Sales for April 2015 rebounded higher 6.8% from March low to 517,000 sales for April on an annualized basis.  The median home price on new construction home was up 8.3% to $297,300.  New Home Sales measures the number of new contracts on new construction homes.  This showed a rebound in new home construction.

Pending Home Sales for April 2015 was up 3.4% from March and up a whopping 14.1% year over year to the highest level in 9 years.

USDA Rural Housing Loan Underwriting Turn Times at Rural Development for files in Delaware as of 5/29/2015 they are working on reviewing files that have been submitted on 5/22/2015 so they are taking about 10 Business days to review files currently so plan your closing dates accordingly.

First Time Home Buyer Seminars Coming Up:

The next Delaware First Time Home Buyer Seminar is Saturday, June 13, 2015, in Newark, Delaware.

The next Dover Delaware First Time Home Buyer Seminar is Saturday, June 27, 2015, in Dover, Delaware.

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