The mortgage market along with the rest of the global economy suffered on Friday as Bonds, Stocks, and everything else except gold experienced huge losses. Mortgage backed securities sold off and broke through a support at the 200 day moving avergage for the 2nd day which is a strong technical signal that rates are going to continue to get worse.
The Bond market closed early on Friday at 2:00 PM and Mortgage Bonds lost 100 bps. This has pushed rates all the way up close to 7.0% on an FHA loan.
My advice is to LOCK to your loan because all signals say in the short term rates are getting worse.
If you need help with a Newark Delaware Mortgage Rate then give me a call at 302-368-7132 or send an e-mail to DelawareMortgages@yahoo.com
If you are Newark Delaware First Time Home Buyer then you should register to attend one of our monthly Delaware First Time Home Buyer Seminars, visit www.DelawareMortgageLoans.net/seminars for complete list of seminars.
John R. Thomas - Certified Mortgage Planner - Primary Residential Mortgage
As a Certified Mortgage Planner, I help people achieve their dreams and goals by assisting them in designing financial strategies that work for each client to accomplish financial freedom.
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