Delaware Mortgage Rates weekly market update for the week of September 9, 2013, by John R. Thomas with Primary Residential Mortgage in Newark, Delaware. John Thomas is the Newark, Delaware Mortgage Branch Manager and the author of the book, Your Guide to Buying Your First Home in Delaware. Call 302-703-0727 to get a mortgage planning consultation or APPLY ONLINE for Delaware mortgage loan
Delaware mortgage rates hit a 2-year high last week as mortgage bonds sold off in response to good economic reports and anticipation of better than expected jobs report. If you look at the mortgage bond chart below for the last 6-month view, you can see mortgage bonds have been trending lower since May 2013 and have been setting new record lows. This has been the long term trend for mortgage rates since May and the trend will continue as you can see there is nothing in the chart to indicate that mortgage bonds can mount a rally that would alter the trend. The second mortgage bond chart below is last 30-day view of bonds which shows in more detail how the bond has sold off starting on Monday and hit another 2 year low on Thursday. This moved Delaware home loan rates to a 2 year high. Friday we did see a recovery and a bounce higher after the August Jobs Report came out worse than expected. We are recommending LOCKING your Delaware mortgage rate if closing in the next 2 weeks as the market will be extremely volatile but if closing in 30 days or more then you can FLOAT to see if mortgage bonds can bounce higher from this level.