Delaware mortgage rates weekly mortgage market update for the week of May 27, 2013, by John R. Thomas with Primary Residential Mortgage in Newark, Delaware. John 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 free mortgage planning consultation or APPLY ONLINE for Delaware mortgage loan
Delaware mortgage rates jumped up last week on Wednesday after Ben Bernanke made a speech on the state of the economy and the Federal Reserve Bond Buying Program. If you look at the mortgage bond chart below you can see the GIANT red candle on Wednesday, May 22, 2013. The Red Candle means mortgage bonds sold off causing home loan rates to move higher. Mortgage rates have been moving higher since hitting all-time record lows on May 1, 2013. The trend as can be seen from the chart is for mortgage bonds to keep moving lower forcing rates higher. Mortgage bonds did hold a line of support on Thursday and Friday so we may be seeing a bottom here so we are recommending FLOATING your Delaware mortgage rate to start the week. But if mortgage bonds break below the line of support and continue trend lower we would recommend switching to a locking stance as interest rates will continue their trek higher.