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Mortgage Rates Weekly Update [July 10 2017]

John Thomas July 8, 2017 Tags:
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Mortgage Rates Weekly Update for July 10, 2017

Mortgage Rates Weekly Update for July 10, 2017 by John R. Thomas with Primary Residential Mortgage, Inc. in Newark, Delaware. John Thomas is the Branch Manager, a Delaware Loan Officer and the author of the best selling book, Your Guide to Buying Your First Home in Delaware.  Call 302-703-0727 for a Rate Quote or Apply Online for Rate Quote

Mortgage Rates continued to move higher last week as mortgage bonds continued the downward trend that we discussed in last week’s update.  If you look at the mortgage bond chart below you can the downward trend in mortgage rates over the last couple weeks with the blue arrow.  Mortgage bonds are now testing an important floor of support shown with the blue horizontal line.  If mortgage bonds continue lower and break through this floor bonds have a long way to fall before hitting the next floor of resistance which means the risk of higher rates out weighs any potential reward of waiting to see if mortgage bonds could rally higher.  We are recommending LOCKING your mortgage rate as the risk is for bonds to move higher and the under lying technicals are not strong for the bond market right now. Keep Reading...

Delaware Real Estate Transfer Tax Going to 4% [August 1 2017]

John Thomas July 6, 2017 Tags:
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Delaware Real Estate Transfer Tax Going to 4% Effective August 1, 2017

Delaware Real Estate Transfer Tax is going up from 3% to 4% effective on all contracts dated August 1, 2017 or after.  The Delaware legislature decided to balance the budget at the last minute with no public comment by increasing the state transfer tax from 3% to 4%.  Delaware is currently number 2 in the United States for Real Estate Foreclosures and the real estate market has lagged the country in appreciation but Delaware legislators decided it would be best to balance the budget on the backs on home buyers and home sellers.
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Mortgage Rates Weekly Update [July 3 2017]

John Thomas July 3, 2017 Tags:
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Mortgage Rates Weekly Update for July 3, 2017

Mortgage Rates Weekly Update for July 3, 2017 by John R. Thomas with Primary Residential Mortgage, Inc. in Newark, Delaware. John Thomas is the Branch Manager, a Delaware Loan Officer and the author of the best selling book, Your Guide to Buying Your First Home in Delaware.  Call 302-703-0727 for a Rate Quote or Apply Online for Rate Quote

Mortgage Rates moved higher to end the week as mortgage bonds sold off.  If you look at the mortgage bond chart below you can see mortgage bonds broke beneath a level of support that has held for the past several weeks which is a bad technical signal.  The short term outlook is for mortgage bonds to continue to trend lower so we are recommending LOCKING your mortgage rate to start the week. Keep Reading...

Mortgage Rates Weekly Update [June 12 2017]

John Thomas June 10, 2017 Tags:
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Mortgage Rates Weekly Update for June 12, 2017

Mortgage Rates Weekly Update for June 12, 2017 by John R. Thomas with Primary Residential Mortgage, Inc. in Newark, Delaware. John Thomas is the Branch Manager, a Delaware Loan Officer and the author of the best selling book, Your Guide to Buying Your First Home in Delaware.  Call 302-703-0727 for a Rate Quote or Apply Online for Rate Quote

Mortgage Rates drifted higher as mortgage bonds were turned lower from tough ceiling of resistance.  If you look at the mortgage bond chart below you can see mortgage bonds are trading in a tight pattern since rallying higher at the beginning of May 2017.  Mortgage bonds have been fighting to stay above the 200 day moving average and have drifted lower since hitting the highs of the year.  We are recommending LOCKING your Mortgage Rate to start the week to take advantage of the best rates of the year as mortgage bonds have failed to rally higher and closed on the 200 day moving average on Friday as well as US Treasury closed above the key 2.18% yield mark.  Treasuries moving higher could force the bond market to sell off which would move mortgage interest rates higher. Keep Reading...

Mortgage Rates Weekly Update for June 5 2017

John Thomas June 4, 2017 Tags:
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Mortgage Rates Weekly Update for June 5, 2017

Mortgage Rates Weekly Update for June 5, 2017 by John R. Thomas with Primary Residential Mortgage, Inc. in Newark, Delaware. John Thomas is the Branch Manager, a Delaware Loan Officer and the author of the best selling book, Your Guide to Buying Your First Home in Delaware.  Call 302-703-0727 for a Rate Quote or Apply Online for Rate Quote


Mortgage Rates moved lower last week after disappointing Jobs Report for May 2017 was released.  If you look at the mortgage bond chart below you can see mortgage bonds hit the high for 2017 after breaking through a tough ceiling of resistance at 200 day moving average and have hit the high not seen since the November US presidential elections.  We are recommending FLOATING Your mortgage rate now that bonds have broken out of tight trading channel.  We will be looking for bonds to close above the 200 day moving average on Monday and then this will be a new floor of support.  If bonds fall below 200 day moving average then we would recommend locking your mortgage interest rate. Keep Reading...

Understanding Seller Paid Closing Costs

John Thomas May 27, 2017 Tags:
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Understanding Seller Paid Closing Costs

Seller Paid Closing Costs are negotiated between a home buyer and home seller during the initial offer process and are written into the sales agreement.  Seller Paid Closing Costs are also called Seller’s Assistance.  If the Seller Paid Closing Costs are not written into the contract then they don’t exist and will not be credited to the buyer at the settlement.  Call 302-703-0727 to get pre-approved today and find out how much seller paid closing costs you will need or APPLY ONLINE

It is very important to understand that when you ask for the seller to pay money toward your closing costs that the seller is taking this money off the purchase price to give to the buyer at closing.  For Example if you offer the seller $200,000 for their home and ask for $10,000 in seller paid closing costs, you are really only offering the seller $190,000 for their home. Keep Reading...

Mortgage Rates Update for May 29, 2017

John Thomas May 27, 2017 Tags: ,
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Mortgage Rates Update May 29, 2017

Mortgage Rates Update May 29, 2017 by John R. Thomas with Primary Residential Mortgage, Inc. in Newark, Delaware. John Thomas is the Branch Manager, a Delaware Loan Officer and the author of the best selling book, Your Guide to Buying Your First Home in Delaware.  Call 302-703-0727 for a Rate Quote or Apply Online for Rate Quote

Mortgage Rates ended the week about where they started as mortgage bonds have been trading in a tight range.  Looking at the mortgage bond chart below you can see mortgage bonds have been hovering near the highs for the year as bonds have been trading between a tight ceiling of resistance and floor support.  With mortgage bonds trading near the highs of 2017, we are recommending LOCKING Your mortgage rate to start the week to take advantage of the lowest interest rates of the year so far. Keep Reading...

Mortgage Rates Weekly Update May 22 2017

John Thomas May 21, 2017 Tags:
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Mortgage Rates Weekly Update May 22, 2017

Mortgage Rates Weekly Update May 22, 2017 by John R. Thomas with Primary Residential Mortgage, Inc. in Newark, Delaware. John Thomas is the Branch Manager, a Delaware Loan Officer and the author of the best selling book, Your Guide to Buying Your First Home in Delaware.  Call 302-703-0727 for a Rate Quote or Apply Online for Rate Quote

Mortgage Rates ended the week slightly higher than where they started after mortgage rates hit the lows for the last 6 months.  If you look at the mortgage bond chart below you can see mortgage bonds rallied last week until hitting ceiling of resistance on Thursday and being turned lower which moved rates higher after hitting 6 month lows.  We are recommending LOCKING Your mortgage rate to start the week to take advantage of record low rates for 2017. Keep Reading...