Delaware mortgage rate weekly update for the week of July 23, 2012, by John R. Thomas from Primary Residential Mortgage in Newark, Delaware. John is the 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 once again set another all-time record low on Friday as we had a slew of bad economic reports released last week. Retail Sales fell in June 2012 more than expected. The Commerce Department released that Retail Sales in June fell 0.5 percent from May’s Retail Sales.  This is the third straight month Retail Sales have fallen, this hasn’t happened since 2008.

The National Association for Business Economics reported that the outlook for job growth has fallen due to a weakening economy. The survey showed that only 23% of those polled in July 2012 believe that US employment will rise over the next 6 months. This is down from 39% in April’s survey.

There was some good news, the Housing Starts for June 2012 increased by almost 7% to 760,000 up from 711,000 in May 2012. This is the highest level since October 2008 when the building started to slow down because of the economic slowdown. This is good news for the housing market as builders aren’t going to start building a house unless they are pretty confident they are going to be able to sell the house upon completion. Inflation, as measured on the consumer level, remained low in July 2012, which is great news for mortgage rates.

The Federal Chairman Ben Bernanke delivered his semi-annual testimony before both the Senate and House on Capitol Hill last week. He reaffirmed that the US economy is still weak and the problems in Europe are threatening US growth. He also noted unemployment remains stubbornly high at 8.2%. Bernanke didn’t mention anything about QE3 which would be a third of stimulus buying of bonds.

RE/MAX is calling the Housing Recovery a Real Event. RE/MAX believes the housing recovery is starting based on some of the data they have reviewed. One of the reasons cited is The median sales price of homes sold in June was $170,067. This price marks a 2.5% rise from the median in May and a 3.7% increase from June 2011.

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 save thousands of dollars in interest. There are several special governments refinance programs to help underwater Delaware homeowners 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, August 18, 2012, in Newark, Delaware and Tuesday, July 24, 2012, in Dover, Delaware. Register by calling 302-703-0727 or Register online at Delaware Home Buyer Seminar

The next Free Maryland First Time Home Buyer Seminar is Saturday, August 4, 2012, in Towson, Maryland. Register by calling 410-412-3319 or Register online at Maryland Home Buyer Seminar

John R. Thomas – NMLS 38783

Certified Mortgage Planner – Primary Residential Mortgage, Inc.

302-703-0727 DE Office / 610-906-3109 PA Office / 410-412-3319 MD Office

248 E Chestnut Hill Rd, Newark, DE 19713