(302) 703-0727

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Delaware Mortgage Rates Weekly Update August 27 2012

John Thomas August 26, 2012 Tags: , , , , , , ,

Delaware mortgage rate weekly update for week of August 27, 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 ended the week much better than they started!  Mortgage Rates got significantly lower to end the week on August 24, 2012 as the bond market recovered much of what was lost the previous week.  Mortgage rates are once again almost at all time historic lows which makes it the perfect time to refinance your current Delaware home loan or purchase a new home in Delaware. 

The big rally in mortgage rates started with poor numbers on jobless claims and then rates moved much lower after the Federal Reserve Meeting minutes were released which hinted that QE3 might be coming at the next meeting in September.  The Feds read on the economy is that it is still very week and will probably need some more stimulus to get it going toward a recovery.  We are still recommending LOCKING your Delaware mortgage rate as the market is still very volatile as can be seen from Friday’s bond market which was up then ended down after Ben Bernake sent a letter to Congress about what the Federal Reserve can still do to stimulate the economy.  The release of the letter caused a rally in the stock market taking some steam out of the bond market rally.

There was some good news last week as Existing Home Sales and New Home Sales both rose in July 2012 from June’s number.  This was definitely a step in the right direction and might provide some evidence to the theory that we may be at a housing bottom, but we still have a ways to go.  The Delaware Real Estate Market has shown some improvement but there are still plenty of great deals on homes.  Now is a great time to look at purchasing a home in Delaware as rates are at all time historic lows and home prices are about where they were in 2004!

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 sace thousands of dollars in interest. There are several special government refinance programs to help underwater Delaware home owners 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 September 25, 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
Certified Mortgage Planner – NMLS 38783
Primary Residential Mortgage, Inc.
248 E Chestnut Hill Rd
Newark, DE 19713
302-703-0727 DE Office
410-412-3319 MD Office

About John Thomas

John Thomas and his team are long-time Delaware natives. They know the local real estate market as well as they know the loan products that help them serve it. Dedicated to helping first-time buyers; the John Thomas Team are experts on first-time buyer loan programs (FHA, VA, USDA) and conduct monthly first-time buyer seminars that have been attended by more than 3000 Delaware buyers.

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