Mortgage Rates Weekly Update for November 6 2017
Mortgage Rates Weekly Update for November 6, 2017
Mortgage Rates Update for November 6, 2017 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 were able to continue to move lower as mortgage bonds were able to rally and close above previous resistance. If you look at the mortgage bond chart below you can see mortgage bonds bounced off support the previous Friday and continued the trend to break through the ceiling of resistance on Friday after the Jobs Report was released. We are recommending FLOATING your mortgage rate to start the week.
In Economic News
The Federal Open Market Committee (FOMC) met last week and left their short term Fed Funds Rate unchanged as expected. The Feds left it open for them to consider raising rates at their December meeting. The current Federal Chair Janet Yellen will be replaced next year by Jerome Powell.
Jobs Report for October 2017 showed 261,000 jobs were created as reported by the US Labor Department. This was below expectations of 325,000 jobs. The unemployment rate dropped from 4.2% to 4.1% because 765,000 people dropped out of the work force. The Bond market was most helped by the drop in average hourly earnings from 2.7% to 2.4% which showed wage pressure inflation dropped.
The Feds Favorite measure of inflation is the Personal Consumption Expenditures (PCE). The PCE for September 2017 remained 0.1% and year over year Core PCE was only 1.3% which is well below the Feds target of 2.0%. Low inflation is bond friendly news which helps keep mortgage interest rates low.
Weekly Initial Jobless Claims dropped 5,000 claims on Thursday to 229,000 claims for the week. The jobless claims continues to drop after rebounding from the spike up after hurricanes disrupted the work force in Florida and Texas.
In Housing News
The Case-Shiller Home Price Index for August 2017 was up 5.9% year over year. Low Inventory has helped pushed home prices up and the prediction is for home prices to continue to rise.
First Time Home Buyer Seminars Coming Up:
The next Delaware First Time Home Buyer Seminar is Wednesday November 15, 2017 in Wilmington, Delaware.
Delaware First Time Home Buyer Seminar is Saturday November 18, 2017 in Newark, Delaware.
Delaware First Time Home Buyer Seminar is Saturday December 9, 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
Mortgage Rates Weekly Update