Delaware mortgage rate weekly update for the week of July 2, 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 rate weekly update July 2, 2012, by John Thomas

Delaware mortgage rates are still hovering at all time historic lows. The Euro Summit was held last week and Friday’s release of the news from the event moved the stock market higher and the bond market sold off. What emerged from the meeting was a concession by Germany to allow Eurozone Stability Mechanism (ESM) to help recapitalize the banks as long as they meet budgetary rules. They were also no more austerity measures to be imposed. This may seem like a solution but it is not as the ESM only has 500 Billion Euros available and Spain and Italy alone have a combined 2.4 Trillion in government debt. This deal has also upset Greece who not wants fewer austerity measures because Spain and Italy have gotten the go-ahead for the bailout without all the restrictions placed on Greece.

New Home Sales in May were at an annual rate of 369,000, up from 343,000 in April. New home inventories are getting to historically low levels as builders have cut way back on the building during the recession. Existing home inventory is not at historic lows but is declining. Housing prices are still continuing to shrink so housing has not turned the corner yet but some believe we are close to a bottom.

FHA announced that it is rescinding the Credit Guidelines. Mortgagee Letter 2012-10 rescinds guidelines regarding disputed accounts and collection accounts that were announced February 28, 2012, via Mortgagee Letter 2012-03. For full story visit https://www.delawaremortgageloans.net/delaware-mortgage-loans/delaware-fha-loans-delaware-mortgage-loans/fha-rescinds-new-credit-guidelines-for-collections-effective-june-15-2012/

The next Free Delaware First Time Home Buyer Seminar is Saturday July 21, 2012, in Newark, Delaware and Tuesday, July 24, 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, July 28, 2012, in Towson, Maryland. Register by calling 410-412-3319 or Register online at Maryland Home Buyer Seminar

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