Delaware mortgage rate weekly mortgage market update for the week of October 1, 2012, by John R. Thomas with Primary Residential Mortgage in Newark, DE. John is the Newark 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 have improved since the Federal Reserve started its QE3 program. Home loan rates have continued to move lower and set a new record low on September 26, 2012. They did move slightly higher on Thursday and Friday but are still near all-time record lows. We are recommending LOCKING your Delaware mortgage rate to take advantage of these all-time record low rates.

The biggest mover in the market has been the Feds buying mortgage bonds through its QE3 program but we also have seen inflation is still tame which is good news for bonds. We also saw more negative news on the economy with the release of the second quarter of 2012 GDP at 1.3%. The sell-off of mortgage bonds at the end of the week was from traders taking profit and from the initial jobless claims coming in lower than expected at 359,000.

USDA Rural Housing Update for October 1, 2012

USDA increased the monthly mortgage insurance premium on all USDA loans effective October 1, 2012. The monthly mortgage insurance is increasing from 0.3% per month to 0.4% per month. The guarantee is remaining the same for purchase loans at 2% of the loan amount. The guarantee fee for refinance loans is increasing from 1.5% to 2%. The eligible areas for USDA rural housing loans were supposed to change October 1, 2012, to based on the 2010 census but that has been delayed till March 2013. So all current eligible areas are still eligible which means in Delaware, Middletown and Smyrna are still eligible for USDA loans until March 2013.

I am recommending LOCKING in your Delaware Mortgage Rate if you are closing in the next 30 days to take advantage of the lowest rates ever in history! 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, October 20, 2012, in Newark, Delaware and Tuesday, October 23, 2012, in Dover, Delaware. Register by calling 302-703-0727 or Register online at http://www.delawarehomebuyerseminar.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