Delaware mortgage rate weekly update for the week of February 4, 2013, by John Thomas with Primary Residential Mortgage in Newark, Delaware.  John is the Newark, DE Branch Manager and the author of the book, Your Guide to Buying Your First Home in Delaware. Call 302-703-0727 to get a free mortgage planning consultation or APPLY ONLINE for Delaware mortgage loan

Delaware Mortgage Rates tried to move lower last week but ended the week where they started as the stock market continued to push higher. Mortgage bonds traded in a tight range last week and couldn’t break above the 200 days moving average. We can start the week FLOATING to see if mortgage bonds can try again to break through resistance and move home loan rates lower. If bonds break below the floor of support then we need to switch to a LOCKING stance quickly. The long term outlook for rates is to move higher as the downward trend in mortgage bonds continues.

The Jobs Report for January 2013 was released last week by the Labor Department and there was some mixed news. The bad news was 157,000 jobs were created in January which was below expectations and the unemployment rate increased from 7.8% to 7.9%. The Good News was that the jobs reports for December and November 2012 were revised upward with 127,000 jobs added. The total number of jobs added in 2012 was also revised upward.

We also saw the release of the GDP for 4th Quarter of 2012 and it came in a disappointing -0.1%. This is the first quarter since 2009 of negative GDP.

FHA Announced changes the FHA Loan Program in a mortgagee letter sent on January 31, 2013. The big changes increase to monthly MIP and adding the MIP for the life of the loan. You can read the full story at FHA MIP Update

The Delaware State Housing Authority (DSHA) Announced Changes to the Delaware Homeownership Loan Program that are effective for Reservation of funds made on or after March 7, 2013. The changes are as follows:

1. Minimum FICO score will be increased to 640.*
2. The borrower’s maximum debt to income cannot exceed 45%.*

I am recommending FLOATING your Delaware Mortgage Rate to see if mortgage bonds can rebound higher and move rates lower. Call 302-703-0727 to schedule a free mortgage consultation to get pre-approved for a mortgage to purchase a home or to refinance your existing mortgage to lower your rate and save thousands of dollars in interest. There are several special governments refinance programs to help underwater Delaware homeowners refinance. There is the FHA Streamline Refinance Program, the VA IRRRL Streamline Refinance Program, and there is the HARP 1.0 and HARP 2.0 refinance programs. Call us or e-mail us now to get more information or you can APPLY ONLINE.

The next Free Delaware First Time Home Buyer Seminar is Saturday, February 16, 2013, in Newark, Delaware and Tuesday, February 19, 2013, in Dover, Delaware. Register by calling 302-703-0727 or Register online at http://www.delawarehomebuyerseminar.com/

Then next Free Maryland First Time Home Buyer Seminar is Saturday, February 9, 2013, in Towson, Maryland. Register by calling 410-412-3319 or Register online at http://www.MarylandHomeBuyerSeminars.com

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