Delaware mortgage rate weekly update for the week of June 11, 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 by John Thomas

Delaware mortgage rates have remained at all-time record lows as mortgage bonds have been trading on an upward trend line. Higher mortgage bond prices mean lower mortgage interest rates. Long term trend is for lower rates but short term we could some volatility and see rates move higher because of the supply of mortgage bonds hitting the market as well as treasury auction of 66 Billion in notes this week.

The Federal Reserve Chairman Ben Bernake spoke on Capitol Hill this week but didn’t mention anything about QE3 which caused the stock market rally to reverse course to the benefit of the bond market. The Credit Rating Agency Fitch announced it will downgrade US credit rating if Congress doesn’t cut the budget deficit. Fitch also downgraded Spain’s credit rating to BBB which is almost “junk” status. When a country or company’s credit status is downgraded it increases the borrowing costs.

Initial Jobless Claims came in at 377,000 which is the first time since April 2012 the number has decreased. The jobless claims don’t track how many people have stopped looking for work or have taken part-time work so the number doesn’t always give a true picture on unemployment.

I would recommend LOCKING your Delaware mortgage rate if you are closing in the next 15-30 days but if you are closing in the next 60 days you could risk floating.

The next Free Delaware First Time Home Buyer Seminar is Saturday, June 16, 2012, in Newark, Delaware and Tuesday, June 19, 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, June 30, 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