Delaware mortgage rate weekly update for the week of November 12, 2012, by John R. Thomas with Primary Residential Mortgage in Newark, DE. John is the Newark, Delaware 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 were able to improve this week so our recommendation to float your Delaware mortgage rate lock till this week was good advice. We are recommending taking advantage of this dip lower in interest rates, so recommend LOCKING your Delaware mortgage rate.  The bond market experienced a run up at the expense of stocks after President Obama won a second term. The stock market dropped on Wednesday which allowed mortgage rates to improve as money moved into the bond market. Mortgage rates are touching all-time record lows again.

Last week we saw the Job Openings and Labor Turnover Report (JOLTS) come in at the lowest reading since April 2012. This is showing that even though the labor market has been improving lately it is still a very fragile area of the economy. The initial jobless claims for last week showed an unexpected to 355,000 from 370,000 expected but we don’t know how much of that drop was from hurricane Sandy which we won’t know till this week’s report comes out.

The big news now that the election is over is the pending “Fiscal Cliff” that is coming in January 2013. What is the Fiscal Cliff and why is it significant? Essentially as we head into 2013, tax cuts for individuals and various tax breaks for businesses are due to expire, taxes pertaining to President Obama’s health care law will begin, spending cuts enacted by Congress as part of the debt ceiling deal of 2011 will go into effect, and long-term jobless benefits will expire. The Congressional Budget Office (CBO) estimates that if all of these items occur, it could take an estimated $600 billion out of the U.S. economy in 2013, pushing the country into a recession.

In the housing front, NAR economist Dr. Lawrence Yun annouced that the median home price in the third quarter of 2012 was $186,000 which is up 7.6% from $173,000 in the third quarter of 2011. So according to NAR, the housing market is improving and they are expecting home pricing to increase again 2013.

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 sace thousands of dollars in interest. There are several special government refinance programs to help underwater Delaware home owners 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, November 17, 2012, in Newark, Delaware, and Tuesday, November 13, 2012, 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, November 17, 2012, in Towson, Maryland. Register by calling 410-412-3319 or Register online at http://www.MarylandHomeBuyerSeminars.com

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