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Delaware mortgage rates weekly update for the week of January 23, 2012 brought to you by John R. Thomas from Primary Residential Mortgage.  Call 302-703-0727 to request a free mortgage planning consultation or APPLY ONLINE.

 Delaware Mortgage Rates Weekly Update for January 23 ,2012

Delaware mortgage rates opened worse today as the mortgage bond market sold off last week.  Mortgage bonds are off their all time highs so Delaware mortgage rates have increased from the all time historic lows.  The reading on inflation last week came our hotter than expected for the Producer Price Index at about 3%.  News of a deal almost reached for solving the debt problem in Greece also was seen as good news so traders were moving money out of the bonds and into stocks.

Short term I recommend LOCKING your Delaware mortgage interest rate but longer term I would still recommend floating as their is still no solution to Europe’s debt problem and the economy here in the US is just not very strong.

If you would like to discuss obtaining a mortgage for the purchase of a home or refinancing your existing home, call us at 302-703-0727 for a free consultation or you can APPLY ONLINE.

John R. Thomas
Certified Mortgage Planner – NMLS 38783
Primary Residential Mortgage
248 E Chestnut Hill Rd
Newark, DE 19713
302-703-0727 Office

Delaware mortgage rates will be increasing in the first quarter of 2012 for all conventional loans backed by Fannie Mae and Freddie Mac because of bill to extend payroll cut extrension for two months.  Two month extension costs borrowers for next 10 years!  You need to act fast to avoid the interest rate increase, call now at 302-703-0727 or APPLY ONLINE to avoid paying this higher rate.

The U.S. Congress recently passed a two-month payroll tax cut extension. The $33 billion package is funded by a 10-year increase in the Guaranty Fees that Fannie Mae (Fannie) and Freddie Mac (Freddie) charge lenders to guarantee home loans.

This change is effective for all loans delivered to Fannie and Freddie at the beginning of the second quarter of 2012. For example, the cost of a $200,000 mortgage will go up about $11 per month. Over the life of the loan, these costs are anticipated to be about $4,000.

These changes will also increase the cost of FHA and VA loans. However, the government has not released information as to the timing of these changes.

All lenders — by law — will be adding this increase to their pricing which means your mortgage interest rate will be increased to pay for this fee increase. 

If your customers want to avoid these additional costs they’ll need to act soon.  If you have been sitting on the fence, call me now at 302-703-0727 to find out how best to avoid these higher mortgage costs or APPLY ONLINE now.

John R. Thomas
Certified Mortgage Planner – NMLS 38783
Primary Residential Mortgage
248 E Chestnut Hill Rd
Newark, DE 19713
302-703-0727 Office

The New Castle County Vacant Home Program called VHAP for short has run its course as a forgivevable loan after 5 years.  The county has set a deadline of January 31st for any application for the VHAP program which will give up to $10,000 for down payment and closing costs that is forgiven if you live in the home as your primary residence for 5 years.  If you would like to apply for a mortgage using the VHAP program call 302-703-0727 or you can APPLY ONLINE and we can get you started.

The County will be transitioning to a new Vacant Home Program called VHAP2 which will be a deferred loan instead of a forgiveable grant.  The new program is set to roll out on March 1, 2012 so there will be a gap in availability of this program from February 1, 2012 till March 1, 2012 when the new program is set to roll out.  Details of the new program have not been released yet.

The deadline for receiving new VHAP 1 applications will be January 31, 2012. All current and new applications must be complete by this date in order to guarantee funding by New Castle County. 

Additionally, with the influx of loans we anticipate receiving before the dealine, effective immediately all new loans will now require a minimum 20 business days in processing time for New Castle County to process the file and have money ready for funding.

If you have questions on the VHAP program or would like to apply for a mortgage using the VHAP program call 302-703-0727 or you can APPLY ONLINE.

John R. Thomas
Certifed Mortgage Planner – NLMS 38783
Primary Residential Mortgage
248 E Chestnut Hill Rd
Newark, DE 19713
302-703-0727 Office

Delaware Mortgage Rates Weekly Update for January 16, 2012 by John R. Thomas from Primary Residential Mortgage

 Delaware Mortgage Rates

The Mortgage Bond Market was closed today for Martin Luther King Jr Holiday.  Mortgage bonds continue to trade at all time highs which means mortgage rates are still at all time historic lows.  So now is still a great time to purchase a home or refinance your current Delaware Home Loan.  Consumer Sentiment came in at level not seen since May of 2011 but the real picture for shopping was shown in December sales at only 0.1% increase over November versus 0.4% expected.  This was because retailers had to discount to get the sales which cut profits.

The crisis in Europe with its debt problems are still helping to keep Delaware mortgage rates low.  The agreement to help Greece with its debt problem seems to be encounter some issues as the 50% write down agreed to by investors seems like it may not be enough.

I am recommending FLOATING your Delaware mortgage interest rate if you are closing in the next 30-60 days.  If you are closing in the next 7-10 days I would recommned LOCKING your Delaware mortgage rate.  If you would like to have a free mortgage consultation please call 302-703-0727 or you can APPLY ONLINE.

John R. Thomas
Certified Mortgage Planner – NMLS 38783
Primary Residential Mortgage
248 E Chestnut Hill Rd
Newark, DE 19713
302-703-0727 Office

As of December 2011 close to one in four listings in New Castle County closed as a short sale or bank-owned property (REOs). As of December 2011 one in three in listings that sold in Kent County were short sales or bank-owned properties (REOs). In the pictures above we can see December 2011 alone for New Castle and Kent Countis, and below we see the figures for 2011 as a whole. The biggest difference between New Castle and Kent Counties is that 15.5% of REO or Bank-Owned properties settled in NCCO, while 22.6% settled in Kent county. Short sale figures are almost identical, although the more densely populated northern New Castle County handled almost four times as many individual properties 

If you would like to schedule a free mortgage planning appointment you can call 302-703-0727 or you can APPLY ONLINE.

John R. Thomas
Certified Mortgage Planner – NMLS 38783
Primary Residential Mortgage
248 E Chestnut Hill Rd
Newark, DE 19713
302-703-0727 Office

Delaware Mortgage Rates weekly update for the week of January 9, 2012 – Call 302-703-0727 to apply for a Delaware mortgage loan for the purchase or refinacne of a home in Delaware or APPLY ONLINE.

Delaware mortgage rates are still at all time lows even after Friday’s job report of 200,000 jobs created and the unemployment rate coming down to 8.5%.   Mortgage rates were able to stay at all time lows because the 8.5% unemployment rate is not telling the whole story, it doesn’t include all the people that stopped looking for work or that have accepted part time work.  The crisis in Europe continues and is helping to support low mortgage rates.

I recommend LOCKING your Delaware mortgage interest rate if you are closing in the next 10 days.  If you are closing after that I would recommend floating your interest rate.

You can get a free mortgage planning consultation by calling 302-703-0727 or you can APPLY ONLINE.

John R. Thomas
Certified Mortgage Planner – NMLS 38783
Primary Residential Mortgage
248 E Chestnut Hill Rd
Newark, DE 19713
302-703-0727 Office

Delaware Mortgage Rates Weekly Update for January 3 , 2012

Delaware mortgage rates are still at all time historic lows which makes it the perfect time to refinance or purchase a new home.  Call 302-703-0727 to apply now for a Delaware Home Loan or you can APPLY ONLINE.  Mortgage Bonds started off the new year trading lower but recovered and ended at close to historically high level.  The troubles in Europe are still causing traders to seek the safe haven trade of US bonds and treasuries.

I am recommending LOCKING your Delaware mortgage rate for the short term as rates are at all time lows so risk is that they will rise short term.  Long term out past 30 days you can float your rate.  Call 302-703-0727 to have a free mortgage planning consultation or you can APPLY ONLINE.

John R. Thomas

Delaware mortgage rates weekly update for the week of December 19, 2011

You can apply for a Delaware Home Loan by calling 302-703-0727 or you can APPLY ONLINE.

Delaware mortgage rates have held pretty steady at historical lows even in the face of some good economic news.  Jobless claims came in at lowest number since May 2008 at 366,000.  Typically good economic news moves interest rates higher but the crisis in Europe and the Federal Reserve stepping in to purchase mortgage baced securities has kept Delaware mortgage rates at historic lows.

If you are looking to purchase or refinance a home in Delaware in the next 7-10 days I would recommend locking in your interest rate at historical lows.  If you are not closing for the next 30-60 days you can float your Delaware mortgage rate.

You can apply for a Delaware home loan for purchase or refinance by calling 302-703-0727 or you can APPLY ONLINE.

John R. Thomas
Certified Mortgage Planner – NMLS 38783
Primary Residential Mortgage
248 E Chestnut Hill Rd
Newark, DE 19713
302-703-0727 DE Office