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Delaware Mortgage Rates Weekly Update for January 28, 2013

John Thomas January 28, 2013 Tags: , , , , , , , ,
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Delaware Mortgage Rates Weekly Update for January 28, 2013

Delaware mortgage rate weekly update for the week of January 28, 2013, by John Thomas with Primary Residential Mortgage in Newark, Delaware.  John is the Newark, DE 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 tried to move lower last week but rebounded higher when initial jobless claims were reported on Thursday, January 24, 2013, at 330,000 which was 5,000 less than the week before. This continues the trend of lower claims and is the lowest in 5 years. The unemployment rate surprisingly stayed the same at 7.8%.  This sent mortgage bonds lower and resumed the downward trend for bonds.   Mortgage interest rates moved higher in response and ended the week higher than they have been in 4 months.  The bond broke through the support that held last week but we may see rates bounce off the 200-day moving average so I am recommending FLOATING your Delaware mortgage rate to see if bonds can recover some but be mindful that if support is broken at 200-day moving average, rates will jump higher and fast.


The Housing Recovery is predicted to continue by Economists as long as the Federal Government doesn’t screw it up.  The Federal government needs to deal with two important issues: The Debt Ceiling and the Budget.  How the government deals with these two issues could affect whether the housing market stays on track or not. If there is gridlock in Washington and no clear solution to the Budget issues and ballooning national debt then we could see Housing get derailed.

Existing Home Sales were reported last week for December 2012 and they came in at 4.9 million units annually which were short of the expected 5.1 million.  This, however, was not bad news as was portrayed by the News Media.  This is good news as this is the highest annual reading since November 2009 and if we exclude 2009 which was artificially inflated by the tax credit, it was the best year in 5 years!!  This supports that we are having a housing recovery.

existing home sales december 2012

The Federal Reserve released the Final Rule on Appraisals for High Priced Mortgage Loans (HPML) which takes effect January 18, 2014.  The Rule requires lenders to use licensed or certified appraisers on all HPML transactions and there are further restrictions on properties that are being flipped.  You can get all the details at https://www.delawaremortgageloans.net/delaware-mortgage-loans/federal-reserve-board-issued-final-rule-on-appraisals-for-high-priced-mortgage-loans/

The Consumer Financial Protection Bureau also released new rules on Foreclosures on January 17, 2013.  The new rules regulate how mortgage servicers have to deal with homeowners that are facing foreclosures.  The new rule is to help protect homeowners and takes effect in January 2014.  You can read the full article at https://www.delawaremortgageloans.net/delaware-mortgage-loans/cfpb-released-new-rules-on-foreclosures/

I am recommending FLOATING  your Delaware Mortgage Rate to see if mortgage bonds can rebound higher and move rates lower.  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, February 16, 2013, in Newark, Delaware and Tuesday, February 19, 2013, in Dover, Delaware. Register by calling 302-703-0727 or Register online at http://www.delawarehomebuyerseminar.com/

Then next Free Maryland First Time Home Buyer Seminar is Saturday, February 9, 2013, in Towson, Maryland. Register by calling 410-412-3319 or Register online at http://www.MarylandHomeBuyerSeminars.com

If you would like to apply for a Mortgage Loan, you can APPLY ONLINE HERE, you can call John Thomas at 302-703-0727.

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

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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