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Monthly Archives: February 2010

Federal Reserve Raises the Discount Rate by 0.25%

The Federqal Reserve decided to raise the Discount Rate from 0.5% to 0.75% last week.  The increase took effect today Monday February 22, 2010.  The Discount Rate is the rate the federal reserve charges bank to borrower money from the Federal Reserve.  The Feds said they were keeping the Federal Funds Rate unchanged at near zero for an extended period of time.

The market was surprised by the Feds decision to increase the Discount Rate and responded by driving the yield on the treasury up.  The Fed is also changing the loan term from 28 days to overnight.  The Feds want to encourage banks to rely more on private funding and only use the Federal Reserve in emergencies.

Mortgage Rates did finish last week higher and the closer we get to March 31st could see rates move even higher.  This is because the Federal Reserve is stopping their mortgage buying program on March 31st which has been the biggest cause of the low mortgage rates.

If you need to get qualified for a Delaware home loan for the purchase or refinance of a home in Delaware, feel free to call me at 302-703-0727 or send an e-mail to DelawareMortgages@yahoo.com.

We can help you with Delaware FHA Loans, Delaware VA Loans, Delaware Conventional Loans, Delaware FHA 203k Rehab Loans, Delaware Hard Money Loans, Delaware Commercial Loans, and Delaware USDA Rural Housing Loans.

John R. Thomas – Certified Mortgage Planner – Primary Residential Mortgage

302-703-0727 Office

Can you get a Delaware Mortgage if you own more than 4 properties?

Most lenders right now will cap the maximum number of financed properties at 4.  But Fannie Mae recently relaxed there guidelines to 10 properties total.  Problem is most lenders still have the cap at 4.  Can you get a loan if you have more than 4?  The answer is yes, but there are some toughContinue Reading

Delaware House Hunters deterred by Second Storm of 2010

Delaware home buyers have been kept inside searching on their computers after a second snow storm paralyzes the state.  Snow began to fall shortly after 6:30 PM on Tuesday and kept going all through the day on Wednesday. State offices were closed today February 10th and state of emergency is in effect and will beContinue Reading