Mortgage Rates Update for March 13, 2017

Mortgage Rates Update for March 13, 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 jumped higher last week to the highs seen in mid December as the improving economy and higher inflation caused mortgage bonds to sell off.  If you look at the mortgage bond chart below you can see mortgage bonds broke through floor of support on Wednesday and sold off to find support at the lows seen in December.  Since mortgage bonds were able to rally off support on Friday we are recommending FLOATING your mortgage rate to start the week to see if bonds can recover.

In Economic News

The U.S. Labor Department released the Jobs Report for February 2017 on Friday and it showed 235,000 jobs created which was well above expectations of 188,000 jobs.  The Unemployment Rate was 4.7% which moved down from 4.8% last month.  The Labor Force Participation Rate (LFPR) was at its highest in over a year at 63%.  The LFPR measures the number of people 16 years and older eligible to work that are actually working.

Weekly Initial Jobless Claims were released Thursday and jumped 20,000 claims to 243,000 which was above expectations of 238,000.  Still a very good report on the labor market.  This coupled with strong jobs report shows US economy is doing very well.

In Housing News

CoreLogic released its Home Price Index for January 2017 which showed home prices were up 6.9% from January 2016 and were up 0.7% from December.  CoreLogic is predicting home prices will gain 4.8% in 2017.

First Time Home Buyer Seminars Coming Up:

The next Delaware First Time Home Buyer Seminar is Saturday March 18, 2017 in Newark, Delaware.

The next Dover Delaware First Time Home Buyer Seminar is Saturday March 25 , 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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