Delaware Mortgage Rate Advisory for Tuesday January 4, 2011
Tuesday's bond market has opened relatively flat despite the release of stronger than expected economic data. The stock markets are mixed with the Dow up 9 points and the Nasdaq down 13 points. The bond market is currently up 2/32, which will likely keep this morning's Delaware mortgage rates near yesterday's levels.
This morning's only relevant economic news came from the Commerce Department, who said that new orders at U.S. factories rose 0.7% during November. This was a noticeable difference from forecasts of a 0.3% drop and hints at a stronger than expected manufacturing sector. That makes this report negative news for the bond market and mortgage rates, however, bond traders don't seem to be too concerned with the results.
At 2:00 PM ET this afternoon, we will get to see the minutes from the last FOMC meeting. This will give market participants insight to the Fed's thinking and concerns regarding the economy, infla tion and monetary policy. It is one of those pieces of information that may cause a great deal of volatility in the markets or be a non-factor, depending on what the minutes show. Look or this release to be the cause of any afternoon revisions to mortgage pricing.
Tomorrow has little scheduled in regards to economic news. There a couple of private-sector releases due out, including two employment-related releases, but they do not affect mortgage rates often and should not be of much concern. I would expect any sizable changes to the major stock indexes to be the biggest influence on bond trading and mortgage rates tomorrow.
If I were considering financing/refinancing a Delaware home, I would.... Lock if my closing was taking place within 7 days... Float if my closing was taking place between 8 and 20 days... Float if my closing was taking place between 21 and 60 days... Float if my closing was taking place over 60 days from now... This is only my opinion of wh at I would do if I were financing a home. It is only an opinion and cannot be guaranteed to be in the best interest of all/any other borrowers.
If you are a Delaware First Time Home Buyer you can register for our Free monthly Delaware First Time Home Buyer Seminar by visiting Delaware Free Seminars or sending an e-mail to DelawareMortgages@yahoo.com or calling to register at 302-703-0727. The next seminar is in Newark, DE on January 22, 2011.
For more information on Buying your first home visit Delaware First Time Home Buyers. You can also get a copy of the new book Your Guide to Buying Your First Home in Delaware.
For Weekly Online Workshops visit The Home Buyer University.
John R. Thomas - Certified Mortgage Planner - Primary Residential Mortgage, Inc.
302-703-0727 DE Office / 610-906-3109 PA Office / 410-412-3319 MD Office
42 Reads Way, New Castle, DE 19720
http://www.delawaremortgageloans.net/
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