Delaware mortgage rate weekly mortgage market update for week of October 15, 2012 by John R. Thomas with Primary Residential Mortgage in Newark, DE. John is the Newark branch manager and the author of the book, Your Guide to Buying Your First Home in Delaware. Call 302-703-0727 to get a free mortgage planning consultation or APPLY ONLINE for Delaware mortgage loan
Delaware mortgage rates ended the week back at historic lows after a volatile week of trading. Mortgage rates had started the week higher but with the help of the Federal Reserve purchasing mortgage backed securities each day rates were able to recover and end the week at historic lows. We recommending LOCKING your Delaware mortgage rate if closing in the next 30 days as rates could drift higher again. If closing in 60 days or more we are recommending floating your interest rate.
There was some good economic news released last week such as the Consumer Sentiment which came in at a 83.1 which is the highest reading in 5 years. So other positive news is last week’s initial jobless claims were reported at 339,000 which is the lowest in 4 and half years. This comes right after unemployment was reported at 7.8% These two reports are encouraging news for a sluggish economy.
Foreclosure Activity hit a 5 year low as reported for September 2012. Realty Trac reported only 180,427 filings for September 2012 which is down 7% from August 2012 and 16% from last year. This is not all good as some of this drop is because of the change in legislation of how foreclosures are handled in different states so there is pent up number of homes that will need to be foreclosed on but haven’t hit yet.
There was some bad news from the IMF (International Monetary Fund), which stated the world economy will be growing at 3.3% which is the slowest since 2009. IMF also stated unless the US and Europe get control of their economies, growth in the world economy will slow even more.
I am recommending LOCKING in your Delaware Mortgage Rate if you are closing in the next 30 days to take advantage of the lowest rates ever in history! Call 302-703-0727 to schedule a free mortgage consultation to get pre-approved for a mortgage to purchase a home or to refinance your existing mortgage to lower your rate and sace thousands of dollars in interest. There are several special government refinance programs to help underwater Delaware home owners refinance. There is the FHA Streamline Refinance Program, the VA IRRRL Streamline Refinance Program, and there is the HARP 1.0 and HARP 2.0 refinance programs. Call us or e-mail us now to get more information or you can APPLY ONLINE.
The next Free Delaware First Time Home Buyer Seminar is Saturday October 20, 2012 in Newark, Delaware and Tuesday October 23, 2012 in Dover, Delaware. Register by calling 302-703-0727 or Register online at http://www.delawarehomebuyerseminar.com/
Then next Free Maryland First Time Home Buyer Seminar is Saturday November 17, 2012 in Towson, Maryland. Register by calling 410-412-3319 or Register online at http://www.MarylandHomeBuyerSeminars.com
John R. Thomas
Certified Mortgage Planner – NMLS 38783
Primary Residential Mortgage, Inc.
248 E Chestnut Hill Rd
Newark, DE 19713
302-703-0727 DE Office
410-412-3319 MD Office