Delaware Mortgage Rates - October 20, 2008

The financail markets had a nice recovery today Monday October 20, 2008. The mortgage backed securities started off for the fourth day in a row trading higher. The higher the Mortgage Bonds move the lower the mortgage rates go. The Federal Reserve chairman Ben Bernanke spoke today and it was very calming for the markets. We also saw stocks and treasuries having a good day.

Mortgage Bonds really spiked higher at the end of the day on news that PIMCO a Big Mutual fund that invests in bonds annouced it had more money invested in Mortgage Backed Securities than it ever had since 2000. This caused other players to start buying mortgage bonds. We had a very technically significant day because the 5.5% FNMA coupon and the 6.0% FNMA coupon both closed above the 200 day moving average.

We should see lower rates when lenders issue pricing on Tuesday morning. I am recommending floating as this momentum may continue and the bond may continue to rise. If you are closing in the next week you should probably lock your improvements now as we may see some pull back as traders take some profit.

If you need help or advice on your Delaware Mortgage Rate for your Delaware Home Loan, then call me at 302-368-7132 or send me an e-mail to DelawareMortgages@yahoo.com

If you are a Delaware First Time Home Buyer then you should sign up for our Delaware First Time Home Buyer Seminar this Saturday October 25, 2008 at 10:00 AM.

Visit www.DelawareMortgageLoans.net/seminars for complete list of seminars.

I can get you the best rates and programs for Delaware USDA Rural Housing Loans, Delaware FHA loans, Veteran Administration Loans (VA Loans), Delaware Conventional Loans, and Delaware Commercial Loans.

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