Delaware mortgage rate weekly update for the week of August 20, 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 again last week as money moved out of the bond market into the Stock Market. Mortgage bonds have been selling off since reaching an all-time record high on July 24, 2012. As the mortgage bonds sell off the interest rates increase. There has been mixed news in the last week some good and some bad. The good news for the economy started with the release of the Retail Sales Report for July 2012 which came in much better than expected at 0.8%. Building Permits across the United States also increased to a four-year high for July 2012.

Consumer Sentiment also increased for August 2012 to a three-month high at 73.6 which was better than expectations. The rise in sentiment was attributed to the better than expected jobs report in July and low mortgage rates. Producer Price Index which is a measure of inflation at the wholesale level did show an unexpected increase.

The bad news for the economy came from Housing Starts which came in worse than expected for July 2012. Housing starts dropped 1.1% to 746,000 which was well below the expected 757,000. The Philadelphia Fed Index and the Empire Manufacturing Index both showed that manufacturing is getting worse and was the first contraction of the index in nine months.  This shows that consumers aren’t buying enough so manufacturing is slowing down as demand for goods wanes.

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, September 22, 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