Maryland Mortgage Rates Weekly Market Update for the Week of January 6, 2014 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 were trapped in a tight trading range last week with little impetus to push prices higher but were also able to withstand and momentum to move prices lower which caused Maryland home loan rates to end the week about where they started. Looking at the mortgage bond chart below you can see the tight trading range with the two black parallel bars. In order for mortgage rates to move lower we need the bond to close above the black bar at about 103.13. We are recommending FLOATING your Maryland Home Loan Rate to start the week to see if bonds can push higher through ceiling of resistance. Be on guard if bonds break below the floor of support we must quickly switch to a locking stance as rates could jump higher.
In Economic News, the U.S. Labor Department released the Weekly Initial Jobless Claims on Thursday which came in at 339,000 which was slightly lower than the previous week. The previous week numbers were revised upward from 338,000 to 341,000 claims. The jobless claims are still high and need to be below 300k in order for labor market to feel a recovery in jobs. This coming Friday is a report that will tell us if the higher jobless claims are affecting the labor market as we see the release of the December 2013 Jobs Report. We are expecting 197,000 jobs to be created for December.
The Consumer Confidence Report for December 2013 was released last week and it did move up higher from the lows of October and November to 78.1. The Lower readings in October and November are attributed to the United States Government Shut Down which lasted 16 days from October 1st till the 16th.
The Next Free Maryland first Time Home Buyer Seminar is Saturday January 25, 2014 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