The Feds released their statement today about their meeting over the last two days and decided to keep the Fed Funds Rate at 5.25% as everybody expected. The feds noted improvements in inflation but were skeptical that inflation may still become a problem which leaves the door open for them to raise rates later this… Continue Reading
Monthly Archives: June 2007
Delaware Mortgage Rates – Week of June 25th 2007
The following are the going rates for Delaware Mortgage Loans for the week of June 25th, 2007. The following Delaware Interest Rates assume a 720 credit score and an 80% LTV with no points and assumes owner occupancy. 30 Year Fixed Rate Mortgage – 6.625% (APR – 6.785%) 15 Year Fixed Rate Mortgage – 6.375%… Continue Reading
Financial News for June 2007
Construction of new homes in May fell to a seasonally adjusted annual rate of 1.47 million units, a 2.1% drop from April and a 24.2% decline from a year ago, the Commerce Department reported June 19. The decrease matched economists’ expectations, and reflected weakness in the South and West, which offset construction gains made in… Continue Reading
First Time Home Buyer Seminar July 28th from 10:00 AM till 12:00 PM
There will be a First Time Home Buyer Seminar on Saturday July 28th from 10:00 AM to 12:00 PM at the Primary Residential Mortgage office in New Castle, Delaware. The Seminar is FREE!!! Come learn what it takes to buy a home in Delaware. First time home buyer programs will be covered. Program will also cover how to improve… Continue Reading
Fannie Mae makes it tougher for First Time Home Buyers in Delaware
Fannie Mae made significant changes to its Desktop Underwriting (DU) for My Community programs. The guidelines have changed to make it harder for first time home buyers to qualify for a mortgage to purchase a home with little to no money down. The guidelines took effect May 19, 2007. Borrowers who qualified before May 19th,… Continue Reading
Federal Reserve Hold Key Interest at 5.25% in May 2007 Meeting
The minutes from the Federal Reserve meeting on May 9th were released on Wednesday May 30th. The Feds were concerned about the downturn in the housing market was more extreme than expected. Even though housing is worse than expected, the Feds were still very concerned with core inflation. The Feds felt core inflation is still… Continue Reading
Delaware Real Estate Taxes
When buying a home in Delaware one must be aware of the applicable taxes that must be paid for the transaction. When a property is purchased in Delaware, there is a 3% transfer fee that must be paid. It is customary for the tax to be split 1.5% for the seller and 1.5% for the buyer. … Continue Reading