Mortgage Rates Weekly Update [July 14 2019]
Mortgage Rates Weekly Update for June 2, 2019
Mortgage Rates Update for July 14, 2019 by John R. Thomas with Primary Residential Mortgage, Inc. in Newark, Delaware. Get advice on Locking or Floating your Mortgage Rate to start the week as well as the latest housing and finance news updates. 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 moved higher last week after following through on a sell off started the previous Friday. If you look at the mortgage bond chart below you an see red candle on Friday July 6th and ended at floor of support which held Monday of last week but Tuesday we broke through Support and battled it till Thursday and bad Auction sent mortgage bonds on a sell off through the next floor of support at the 25 day moving average which is now acting as a ceiling of resistance. Mortgage bonds did end on Friday with a green candle as bond moved back up towards the 25 moving average but were turned lower. We are recommending LOCKING your mortgage rate if closing in the next 30 days as there is plenty of room for mortgage bonds to get worse before the next floor of support and a tough overhead resistance at 25 day moving average. Long term outlook is still for mortgage rates to move lower but short term trend is bearish.
In Economic News
The Consumer Price Index for June 2019 showed that inflation increased in June at the consumer level but moderated on a year over year basis. The headline CPI increased 0.1% from May and decreased from 1.8% to 1.6% year over year but this was almost all due to gasoline prices dropping 3.6%.
The Producer Price Index for June 2019 showed that headline producer inflation dropped from 1.8% to 1.7% but the Core Reading which strips out food and energy prices was unchanged at 2.3%. This shows that much going on for wholesale inflation so there was no impact on the markets.
Jobs report for June 2019 showed 224,000 jobs created which was better than expectations of 160,000. The unemployment Rate ticked up from 3.6% to 3.7%
Weekly Initial Jobless Claims were released on Thursday showed 209,000 jobless claims which was a decrease of 13,000 claims from last week’s 222,000 number. This week’s report included the July 4th holiday week so claims are probably understated and we will have to wait till this week’s report to see if claims are really trending lower or not.
In Housing News
CoreLogic Home Price Index for May 2019 showed home prices were up 0.9% from April and are up 3.6% year over year. The prediction for next year is for home prices to be up 5.6% which shows housing is getting stronger not weaker.
First Time Home Buyer Seminars Coming Up:
Delaware Home Buyer Seminars:
Delaware First Time Home Buyer Seminar is Saturday August 10, 2019 in Newark, Delaware.
Delaware First Time Home Buyer Seminar is Wednesday July 24, 2019 in Wilmington, Delaware.
Register by calling 302-703-0727 or Register online at http://www.DelawareHomeBuyerSeminar.com
Maryland Home Buyer Seminars:
Maryland First Time Home Buyer Seminar is Saturday July 27, 2019 in Edgewood, Maryland
Register by calling 410-412-3319 or Register online at http://www.MarylandHomeBuyerSeminars.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
Mortgage Rates Weekly Update