This is my daily advice on locking or floating your Delaware Mortgage Rate for Friday, October 16, 2009.

Mortgage rates have steadily increased since hitting a record low last Friday.  The mortgage bond lost some 120 basis points since last Friday causes mortgage rates to increase. Rates are still near historic lows but the pressure is for rates to slowly increase from here. The federal government has slowed its buying of mortgage-backed securities which is causing less of a demand for mortgage-backed securities. The government’s buying program is what has kept rates low so as the program winds down rates will rise.

The stock market has also rallied which has been another factor for mortgage bonds dropping 120 basis points. My advice is to lock in your rate as soon as you can because rates are only going to go up. If you are waiting for rates to go slightly lower like they were last week, you will be waiting a lifetime. Now is the time to buy or refinance to get a really low rate.

The bond market did recover some today on news that Bank of America posts a loss for the quarter. Even with a slight recovery in the bond market today, I still believe rates are headed higher.

My advice is to LOCK your Delaware Mortgage Rate for Friday October 16, 2009.

If you need advice or help with a Delaware Mortgage Home Loan for the purchase or refinance of a home in Delaware, please feel free to call me at 302-703-0727 or send an e-mail to DelawareMortgages@yahoo.com.

If you are a First Time Home Buyer then you should register for our First Time Home Buyer on Saturday, October 24, 2009, at 10 AM till Noon and again from 1 PM till 3 PM.

Visit www.DelawareMortgageLoans.net/seminars for a complete list of seminars.

I can help you with a Delaware FHA loan, Delaware USDA Rural housing loan, a Delaware VA loan, Delaware FHA 203k loans, and Delaware Conventional loans.

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