Delaware mortgage rate weekly mortgage market update for the week of September 24, 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 once again set an all-time record low last week after Federal Reserve started QE3 buying of mortgage bonds. QE3 stands for Quantitative Easing Round 3 which is the Federal Reserve buying US Treasuries and Bonds to try and stimulate the economy. QE3 was announced by the Feds because the economy is still struggling and inflation is still under control. The economic news released last week was not good and helped support mortgage bonds.

The New York State Manufacturing Index registered its lowest level since April 2009 at 10.41 for September 2012. The Philly Fed Manufacturing Index contracted for a fifth straight month in a row. The Labor Department released the initial jobless claims for the week ending September 15, 2012 and it was still stubbornly high at 382,000. All of this was negative information which also helped Delaware home loan rates reach another record low on Friday.

There was some good news last week, we saw that existing home sales for August 2012 rose to a two year high.  Existing home sales jumped 7.8% to 4.82 million units for August 2012.

Congress takes another vacation and leaves without addressing a major issue for the housing market.  Senate bill S.3541 is designed to address the fact that USDA is creating maps that would exclude over 900 communities throughout the U.S. as of September 30, 2012.  No action was taken on the is bill before Senate went on vacation September 21, 2012 so call your State Senators Thomas Carper and Christopher Coons at 202-224-3121 and ask to be connected to the senator and ask them to get this bill passed as the housing market doesn’t need anything else to make it harder for families to purchase a home.

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, September 25, 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