Delaware Mortgage Loans

MacGray MatterTM                                           August 2, 2010
THE ROLLER COASTER RIDE BACK UP:  After a horrible June, the domestic equity markets ended a very positive July.  The Dow Jones Industrials was up 0.40% for the week ending up 7.54% for July.  The S&P 500 was down 0.10% for the week, ending a July that [...]

MacGray MatterTM                                                                                            July 26, 2010
GOOD NEWS DROWNS OUT BAD, EQUITIES RISE:  There was a fair bit of bad news this past week in the unemployment and housing numbers.  In addition, Ben Bernanke’s testimony was far from a Knute Rockne speech.  However, the markets gained.  A big driver for domestic equities was positive earnings reports.  Among [...]

MacGray MatterTM                                                                                            July 19, 2010
FINANCIAL REFORM:  Early this week, President Obama will sign the Financial Reform Act passed by the Senate this past week.  What does the bill say?  Once again, it is very, very long and rather confusing.  One of the main reasons I can’t tell you what it all means is that much [...]

MacGray MatterTM                                                                                            July 5, 2010
UNEMPLOYMENT NUMBERS ADD TO A NEGATIVE WEEK:  On Friday, the Department of Labor reported that non-farm payrolls dropped by 125,000 jobs due largely to the Census Bureau laying off 225,000 temporary workers.  Private sector job growth was positive by 83,000 jobs, but that was less than “expected” and not near [...]

Delaware Existing home sales jumped in April 2010
Homes Sales jumped in April 2010 more than expected lead by the Tax Credit that expired on April 20, 2010.  The National Association of Realtors reported that the sales of previously owned homes rose 7.6 percent to adjusted annual rate of 5.77 million.  The expected amount was 5.63 [...]

Fannie Mae Announces – New Credit Guidelines, Lender required to check credit right before closing to verify no new inquiries on credit or new open accounts.  This could cause loan to be denied at last minute or at least delay closings.  Need to educate borrowers that once mortgage application is made, absolutely nobody can check [...]

On Tuesday the House Financial Services Committee defeated a proposal sponsored by Scott Garrett (R-NJ) which would have increased the minimum down payment for FHA guaranteed loans from 3.5 percent to 5 percent.  This means required down payment for Delaware Home Buyers using FHA loans is still only 3.5 percent of the purchase price.
 
The Committee [...]

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 [...]

This is my daily advice on locking or floating your Delaware Mortgage Rate for Friday October 16, 2009.
Mortgage rates have steadily increased since hitting record low last Friday.  The mortgage bond lost some 120 basis points since last Friday causes mortgage rates to increase.  Rates are still near historic lows but the pressure is for [...]

This is my advice on floating or locking your mortgage rate for Friday August 7, 2009
We started the day off with great news for the economy, much better than expected unemployment numbers.  The job loss report was 247,000 versus expected 317,000 and the unemployment rate was 9.4% which was lower than the 9.6% expected.  The [...]