Delaware Mortgage Rates - October 14, 2008

The financial markets had another wild day today. The DOW Jones Industrial Average continued its impressive rally from yesterday going up nearly 400 pts before investors decided to lock in profits and caused a sell off that saw the DOW close down 76 pts. The mortgage bond market opened lower than it closed on Friday. Friday was a bad day for mortgage bonds and rates and today was no different. The bonds rallied early and appeared to have hit a bottom but then news of possible Fed Rate cut at meeting at end of October caused a sell off in bonds because fear of inflation.

The Feds announced plan to spend $250 billion to buy preferred shares of major banks and delievered its plan to help open up the commercial paper market.

Delaware Mortgage Rates saw lenders re-price late in the day for worse as the mortgage bonds sold off. My advice has been to lock in your rate as soon as you get a deal because there seems to be no bottom to the bond market at the moment. Rates have climbed to the highest they have been all year.

If you need help or advice on your 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 a Newark Delaware First Time Home Buyer then you should attend one of our monthly First Time Home Buyer Seminars by visiting www.DelawareMortgageLoans.net/seminars

John R. Thomas - Certified Mortgage Planner - Primary Residential Mortgage, Inc.