Delaware Mortgage Rates had a volatile week but pretty much ended the week where they started. Rates on a 30 year mortgage with no points was right around 5.0% for most lenders on an FHA loan as well as conventional loans. Credit score, loan to value, and loan size can all be factors that affect your rate so your rate would need to be determined based off your unique situation.
Delaware Mortgage Rates could be on the rise as the Federal Reserve will be ending its mortgage backed security program on or before March 31, 2010. This could make now the best time to buy or refinance a home in Delaware in order to take advantage of historically low rates. For Delaware home purchasers using a Delaware FHA loan, FHA guidelines are changing in April. The two big changes that affect Delaware home buyers are:
Decrease of seller paid closing costs from 6% to 3% of the purchase price
Increase of the upfront mortgage insurance premium from 1.75% to 2.25%
This is a great reason to find a house now and get under contract. The first time home buyer tax credit of $8,000 and the move up buyer tax credit of $6,500 deadline of April 30, 2010 is fast approaching. In order to qualify for the tax credit, you must be under contract by April 30, 2010 and close by June 30, 2010.
This week ahead sees the Federal Reserve Board meeting March 16, 2010. The Fed meeting has the chance to move rates higher if any news comes out that is not bond friendly. There is also a Free Delaware First Time Home Buyer Seminar Scheduled for Saturday March 20, 2010 at the Christiana Hilton Hotel in Newark, DE. There are two sessions: 10 AM till Noon and 1:00 PM till 3:00 PM. If you would like to register for either seminar call 302-703-0727 and ask to register for the free seminar. For a complete list of seminars visit www.DelawareMortgageLoans.net/seminars
For Delaware First Time Home Buyers, a great new book has been published entitled Your Guide to Buying Your First Home in Delaware. This book is a step by step guide for how to buy a home in Delaware. It covers everything you need to know. You can purchase this book at Your Guide to Buying Your First Home in Delaware Book