Delaware mortgage rate weekly mortgage market update for the week of October 15, 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 ended the week back at historic lows after a volatile week of trading. Mortgage rates had started the week higher but with the help of the Federal Reserve purchasing mortgage-backed securities, each day rates were able to recover and end the week at historic lows.  We recommending LOCKING your Delaware mortgage rate if closing in the next 30 days as rates could drift higher again. If closing in 60 days or more we are recommending floating your interest rate.

There was some good economic news released last week such as the Consumer Sentiment which came in at an 83.1 which is the highest reading in 5 years. So other positive news is last week’s initial jobless claims were reported at 339,000 which is the lowest in 4 and a half years. This comes right after unemployment was reported at 7.8%. These two reports are encouraging news for a sluggish economy.

Foreclosure Activity hit a 5 year low as reported for September 2012. Realty Trac reported only 180,427 filings for September 2012 which is down 7% from August 2012 and 16% from last year. This is not all good as some of this drop is because of the change in legislation of how foreclosures are handled in different states so there is a pent up number of homes that will need to be foreclosed on but haven’t hit yet.

There was some bad news from the IMF (International Monetary Fund), which stated the world economy will be growing at 3.3% which is the slowest since 2009. IMF also stated unless the US and Europe get control of their economies, growth in the world economy will slow even more.

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/

Then next Free Maryland First Time Home Buyer Seminar is Saturday, November 17, 2012, 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