Delaware mortgage rate weekly update for the week of August 13, 2012, by John R. Thomas from Primary Residential Mortgage in Newark, Delaware. John is the 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 increased to end the week last week as some better than expected news on the economy helped boost stocks and pulled money out of bonds. We saw the Labor Department release Initial jobless claims for the week of August 4, 2012, which saw lower than expected jobless claims. 361,000 new claims were filed versus 370,000 expected.  Long term we still see mortgage interest rates staying near historic lows but short term we could see rates rise so we are recommending LOCKING in your Delaware Mortgage rate.

Worker Productivity for 2nd quarter of 2012 increased by 1.6% which shows employers are squeezing more work out of their employees. This could be bad news for the job market as it could mean employers will be slow to high new workers as they try to increase productivity out of existing workers.

Home prices in June 2012 increased by 2.5% from a year ago nationwide according to report by Core Logic. This again further supports that housing may have hit a bottom and could be on its way to recovery but we still have to deal with the bank inventory of foreclosed properties that haven’t hit the market and we still have to deal with the homes that still need to go through the foreclosure process. Average Rents have also been increasing which could put pressure on people to buy which would support the recovery in home prices. So some mixed data on housing and time will tell if we have hit the bottom and if on our way to a housing recovery. Either way, it is a great time to purchase a home or refinance your existing 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, August 18, 2012, in Newark, Delaware and Tuesday, August 21, 2012, in Dover, Delaware. Register by calling 302-703-0727 or Register online at Delaware Home Buyer Seminar

The next Free Maryland First Time Home Buyer Seminar is Saturday, September 8, 2012, in Towson, Maryland. Register by calling 410-412-3319 or Register online at Maryland Home Buyer Seminar

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