This is my advice on floating or locking your mortgage rate for Friday August 7, 2009

We started the day off with great news for the economy, much better than expected unemployment numbers. The job loss report was 247,000 versus expected 317,000 and the unemployment rate was 9.4% which was lower than the 9.6% expected. The stock market rallied on the news and mortgage bonds sold off and dropped like a rock. This caused most lenders to come out with rate sheets this morning with rates anywhere from 0.25% to 0.5% worse than yesterday.

My advice is to float if you didn’t lock your rate yesterday. Rates are already worse today and I think we may see a slight improvement on lenders that came out with pricing when the bond was at its lowest of 86 bps down.

If you need help or advice with a Delaware Mortgage Rate for the purchase or refinance of a home in Delaware, please call me at 302-703-0727 or send an e-mail to DelawareMortgages@yahoo.com. I can assist you with Delaware FHA loans, Delaware VA loans, Delaware USDA Rural Housing Loans, Delaware FHA 203k Loans, and Delaware Conventional Loans.  I can help you with Delaware First Time Home Buyer Programs as well.

If you are a Delaware First Time Home Buyer then you should register to attend our Free Delaware First Time Home Buyer Seminars. The next one is Saturday, August 15th and again on Saturday, August 29th.  To register or for more information please call 302-588-3665 and ask for John Thomas or send an e-mail to DelawareMortgages@yahoo.com

For a complete list of free seminars visit www.DelawareMortgageLoans.net/seminars

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