Delaware mortgage rate weekly update for the week of August 6, 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 last week higher as the stock market rallied on some “good” economic news that was reported on Friday. We saw the Labor Department release the July 2012 Jobs Report which showed 163,000 jobs were added well above the 100,000 expected. This news was enough to cause a big rally in the stock market and pulled money out of the bond market which causes Delaware home loan rates to increase on Friday. Even with this good news we still saw the unemployment number rise from 8.2% to 8.3%. This is the 42nd straight month the unemployment rate has been above 8%. The Labor Participation Rate also decreased and showed no pick up in hours worked.

The report also showed a revision from last two months downward by 6,000 jobs. The economy needs to add 250,000 jobs a month in order to rapidly reduce the unemployment rate. We also saw the PCE Report show inflation is still tame which is great news for the economy and for long term low-interest rates.  Consumer Confidence Report for July 2012 showed a reading of 65.9 which is the highest reading since April 2012 and was above expectations.

We are recommending LOCKING your Delaware Mortgage Rate if you are closing in the next 30 days. If you are closing in 60 days or longer we are recommending floating your mortgage rate.

Zillow announces US home prices have reached the bottom and are turning up. Zillow claims home values have risen for four consecutive months. If Zillow’s data proves true then this would be more support that the real estate values have hit the bottom and should be trending up. This means NOW is the best time ever to purchase a home.

USDA Rural Housing Program has released some preliminary information on which areas will no longer be eligible for USDA rural housing loans as of October 1, 2012, when they start using the 2010 census numbers. The following areas will no longer be eligible:

• Middletown, Delaware
• Smyrna, Delaware
• Elkton, Maryland

You can download a PDF of all the areas in each state that are projected to no longer be eligible at USDA 2012 Ineligible Areas

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