Maryland Mortgage Rates Weekly Market Update for the Week of October 21, 2013 from John R. Thomas with Primary Residential Mortgage in Towson, Maryland. John is the author of the book, Your Guide to Purchasing Your First Home in Maryland. Call 410-412-3319 to get a free mortgage planning consultation or APPLY ONLINE for Maryland mortgage loan.
Maryland mortgage rates moved lower last week as the economy struggles after the government shut down. If you look at the mortgage bond chart below you can see mortgage bonds have moved significantly higher since the government shut down but have hit resistance at the 200 day moving average. A Double Top Trading Pattern has also emerged which means mortgage bonds could move lower in the short term which would move rates higher. We recommend LOCKING your Maryland mortgage rate if you are closing in the next 30 days. If you are closing in 60 days or more then you can float as mortgage rates will likely move lower in the long term.
The US Government shut down ended last week when Congress passed legislation funded the government until January 15, 2014 and increased the debt ceiling till about February 7, 2014. The legislation didn’t address any of the problems and essentially “kicked the can” down the road till first quarter of 2014.
In Economic News, Thursday we saw the release of the Weekly Initial Jobless Claims which came in at 358,000 which was above the expected number of 330,000. Weekly initial claims had been falling until now. The trend lower has been broken.
Housing News Update – NAHB (National Association of Home Builders) released its October 2013 Housing Market Index which came in lower at 55. September 2013 was at 57. Anything above 50 is still positive and shows builders are confident about the current conditions.
The Next Free Maryland first Time Home Buyer Seminar is Saturday November 16, 2013 in Towson, Maryland. Register by calling 410-412-3319 or Register online at http://www.MarylandHomeBuyerSeminars.com
John R. Thomas
Certified Mortgage Planner – NMLS 38783
Primary Residential Mortgage, Inc. – Baltimore Maryland Mortgage Company
1220A East Joppa Rd
Towson, MD 21286
410-412-3319 MD Office