Delaware mortgage rate weekly update for the week of July 30, 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 set another all-time record low last week but then end the week higher on some “good” economic news released on Thursday and Friday. The big market mover last week was the release of news that European Central Bank (ECB) Chief Mario Draghi stated ECB will do whatever it takes to defend the Euro which means bailing out Greece and Spain. This news caused the stock market to rally and pulled money out of mortgage bonds. This also came with the release of some other positive news which was initial jobless claims fell 35,000 in the latest week to 353,000. This was much lower than what was expected. Consumer Sentiment increased for July 2012 from July 2011 but dropped from June 2012. Durable Orders rose by 1.6% which was also much higher than expected. All of this combined caused Delaware home loan rates to rise on Thursday and Friday as the bond market sold off.

We also had some negative news which the market seemed to overlook which was New Home Sales fell 8.4% in June 2012 which was very disappointing as people had been hoping we were seeing a bottom in the housing market. We also saw a RealtyTrac report that foreclosure activity picked up in the first half of 2012 in 125 of 212 metro areas that were surveyed. However, 129 of the cities did see a year over year decline. This shows that housing recovery is going to be a regional thing, not a national recovery.

We also saw news of the LIBOR scandal which is evidence that the LIBOR rate was manipulated for profit from 2006 till 2009 and the scandal may even be bigger than it is now. The LIBOR rate is a standard banking interest rate that effects Trillions of dollars. There should be more news to follow on this topic especially when the major media begins to pick up the story.

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, August 4, 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