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Mortgage Rates Weekly Update [January 15 2018]

John Thomas January 15, 2018 Tags: ,
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Mortgage Rates Weekly Update for January 15, 2018

Mortgage Rates Update for January 15, 2018 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 moved higher last week as mortgage bonds broke through support and the stock market rallied to new record highs.  If you look at the mortgage bond chart below you can see mortgage bonds broke below support  on Tuesday with the giant red candle.  Bonds were able to find a floor of support on Wednesday and tested the floor again on Friday before recovering.  We are recommending FLOATING Your mortgage rate to start the week to see if bonds can rally off the floor of support and move mortgage interest rates lower but if bonds fall below the floor of support, we will quickly switch to a locking stance as mortgage bonds would have a long way to run down before next floor of support. Keep Reading...

What You Need to Know About the USDA Repair Escrow

John Thomas January 9, 2018 Tags:
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The USDA Repair Escrow Loan can Help You Close

Many home buyers find their dream home, but then hit a brick wall in the loan approval process: the appraiser says it does not meet USDA loan guidelines. The home of their dreams requires minor repairs to be completed or they will not be able to close. The seller won’t budge – they have a loan that requires all repairs to be completed before closing, but that’s impossible since the process can’t move forward without those repairs. It seems like a frustrating, impossible situation, but it can be rectified with a Delaware USDA Repair Escrow Loan.  The John Thomas Team can help you navigate the specifics of the Delaware USDA Repair Escrow  – give us a call today at 302.703.0727 or APPLY ONLINE. Keep Reading...

Mortgage Rates Weekly Update [January 8 2018]

John Thomas January 7, 2018 Tags: ,
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Mortgage Rates Weekly Update for January 8, 2018

Mortgage Rates Update for January 8, 2018 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 moved slightly higher last week after mortgage bonds failed to break above the 50 day and 25 day moving average and were turned lower as the stock market set another record high to end the week.  If you at the mortgage bond chart below you can see mortgage bonds are stuck trading between the ceiling of resistance and floor of support shown by the blue lines.  Bonds failed to rally above the blue line on Tuesday and were turned lower and sold off after the jobs report on Friday.  We recommend starting the week FLOATING your mortgage rate to see if bonds can bounce off support and move higher but if bonds break below the floor of support we would quickly recommend LOCKING your mortgage interest rate. Keep Reading...

Delaware VA Loan Limits for 2018

John Thomas December 26, 2017 Tags:
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Delaware VA Loan Limits for 2018

The Department of Veteran Affairs announced the Delaware VA loan limits for 2018  100% financing are being increased effective January 1, 2018.  Eligible Delaware Veterans will be able to borrower up to $453,100 with a Delaware VA Loan for the purchase or refinance of a home in Delaware with an approved Delaware VA Lender.  Call 302-703-0727 to get more information or to get approved for a Delaware Veteran Loan or get started online at APPLY ONLINE

The Delaware VA loan limits for 2018 are increasing from the 2017 VA loan limit of $424,100 to $453,100 for 2018.  This is the amount that an eligible veteran can get a 100% financing.  So if Vet is purchasing a home for $453,100 then VA will allow the vet to borrower $453,100.  See example below: Keep Reading...

Mortgage Rates Weekly Update [December 25 2017]

John Thomas December 23, 2017 Tags: ,
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Mortgage Rates Weekly Update for December 25, 2017

Mortgage Rates Update for December 25, 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 moved higher last week as mortgage bonds sold off after failing to break through a tough ceiling of resistance.  If you look at the mortgage bond chart below you can see mortgage bonds have been on downward trend since failing to break through a tough ceiling of resistance at the beginning of December.  Mortgage bonds had been trading in a sideways pattern stuck between a ceiling of resistance and a floor of support.  Mortgage bonds broke out of that trading channel to the downside last week moving mortgage interest rates higher.  Mortgage bonds did find a floor of support on Friday so we are recommending carefully FLOATING your Delaware mortgage rate if you failed to lock your rate but if mortgage bonds continue to sell off and break below this current floor of support we will have to recommend you lock your interest rate ASAP. Keep Reading...

Wilmington Delaware Down Payment Assistance Program

John Thomas December 22, 2017 Tags:
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Wilmington Delaware Down Payment Assistance Program

What is the Wilmington Delaware Down Payment Assistance Program?

The Wilmington Employee Homebuyer Assistance Program is a grant program offered by the City of Wilmington where an employee can earn up to $4,000 in down payment and settlement assistance toward the purchase of a home. Homes must be within the City of Wilmington boundaries and meet specific requirements set by the City of Wilmington for their Liver Near Your Work Program. The John Thomas Team can help get you prepared for homeownership with our first time homebuyer programs in Wilmington – call (302) 703-0727 or Apply Online.
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Mortgage Rates Weekly Update [December 18 2017]

John Thomas December 17, 2017 Tags: ,
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Mortgage Rates Weekly Update for December 18, 2017

Mortgage Rates Update for December 18, 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 ended the week right about where they started after a roller coaster week of moving higher than falling lower to end the week.  If you look at the mortgage bond chart below you can see mortgage bonds started the week on Monday slightly higher than they ended the previous week but sold off to end the day on Monday moving mortgage interest rates lower.  Mortgage bonds continued to sell of until Wednesday after the Federal Reserve announced they would raise the Fed Funds Rate 0.25%.  Mortgage bonds ended the week by closing just below a touch a ceiling of resistance that has persisted October.  We are recommending LOCKING your mortgage rate to start the week because mortgage bonds are once again up against a tough a ceiling of resistance with lots of room to sell off to the downside. Keep Reading...

Mortgage Rates Weekly Update [December 11 2017]

John Thomas December 9, 2017 Tags: ,
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Mortgage Rates Weekly Update for December 11, 2017

Mortgage Rates Update for December 11, 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 move lower as mortgage bonds bounce off support to trade higher.  If you look at the mortgage bond chart below you can see mortgage bonds have been stuck in a sideways trading pattern alternating between ceiling of resistance and floor of support but has failed to break out of the channel.  Mortgage bonds closed Friday just below the ceiling of resistance and failed to break out of the channel higher but settled on a triple layer of support formed by the 50 day moving average, the 200 day moving average and a Fibonacci level.  We are recommending carefully FLOATING your mortgage rate to start the week to see if mortgage bonds can rally off support and break through the ceiling of resistance to move mortgage interest rates lower. Keep Reading...