April 1, 2019
State Chamber Update
According to Freddie Mac, the average 30-year mortgage rate registered 4.06 percent last week, making that the lowest level since January 2018. As a reference, rates were 4.94 percent as recently as November. While that decrease will help “would be” purchasers of single-family homes, we should not lose sight of important trends in the multifamily housing market in Delaware. Approximately 96,200 people in our state call an apartment home, and the industry notes that another 12,299 apartment homes will be needed in Delaware by 2030. The age of the existing stock is also a matter for consideration, as the information from the NMHC, NAA and Delaware Apartment Association points out.  
News You Can Use
This will be a busy week and full of economic data. Today, February retail sales and construction spending figures will be announced. On Tuesday, March motor vehicle sales is disclosed, and on Friday, we’ll end the week learning about nonfarm payrolls, unemployment and average hourly earnings for the month of March. 
Michael J. Quaranta
Delaware State Chamber of Commerce
The Bethany-Fenwick Area Chamber of Commerce is located in the beautiful southeast corner of Delaware. From ocean to bay to farmland, the Quiet Resorts offer a thriving year round community abundant in natural beauty, recreational activities and attractions.
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