This is my daily advice on floating or locking your Delaware Mortgage Rate for Tuesday, October 14, 2008.

The stock market rallied on Monday to experience its biggest one day gain in history. The market started off this morning building on that rally but ended the day down 76 points. The Bond market faired much worse.  The mortgage bond rallied early today but then got slammed and ended down 81 bps on the day causing lenders to reprice for the worse.

Rates continue on a downward spiral and resist any effort to move higher. The Feds are talking about a rate cut again at the next meeting at the end of October which is bad news for fixed-income investments like bonds.  This pressured the bonds lower today.

My advice is to LOCK your Rate on anything short term as there seems to be a floor of support to stop the bond from falling causing home loan rates to keep rising.

If you need help or advice on a Delaware Mortgage Rate, please feel free to call me at 302-368-7132 or send an e-mail to DelawareMortgages@yahoo.com

If you are a Delaware First Time Home Buyer then you should register to attend one of our monthly Delaware First Time Home Buyer Seminars by visiting www.DelawareMortgageLoans.net/seminars.

If you would like to apply for a Mortgage Loan, you can APPLY ONLINE HERE, you can call John Thomas at 302-703-0727.

John R. Thomas – NMLS 38783

Certified Mortgage Planner – Primary Residential Mortgage, Inc.

302-703-0727 DE Office / 610-906-3109 PA Office / 410-412-3319 MD Office

248 E Chestnut Hill Rd, Newark, DE 19713