Maryland Mortgage Rates Weekly Market Update for the week of August 26, 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 went on a wild roller coaster ride last week but were able to end the week about where they ended the previous Friday. If you look at the mortgage bond chart below you can see mortgage bonds sold off and were trending lower the previous week then last Monday opened the week by continuing this trend and selling off bringing mortgage interest rates to a 2 year high. Tuesday Mortgage Bonds were able to jump higher then Bonds sold off again on Wednesday after the Federal Reserve released their minutes. Then Thursday the mortgage bonds were able to bounce off the lows and rally higher after a worse than expected Weekly Initial Jobless Claims were reported. Friday Bonds were able to continue the rally after New Home Sales were reported and dropped by almost 14% from previous month. We are recommending FLOATING your Maryland mortgage rate to start the week to see if bond can build on big rally from Friday.
In Economic News, Weekly Initial Jobless Claims were released on Thursday and increased by 13,000 claims to 336,000 claims. This was the highest reading in four weeks so wasn’t not good economic news and helped the bond market to rally off the two year low.
In Housing News, Existing Home Sales jumped higher by 6.5% from June 2013 to July 2013 to 5.39 Million units annualized. Existing Home Sales were 17.2% higher from July 2012 to July 2013.
New Home Sales dropped by 13.4% from June 2013 to July 2013 to 394,00 units which was far below expectations of 484,000 units.
The Next Free Maryland First Time Home Buyer Seminar is Saturday September 14, 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 Suite 118
Towson, MD 21286
410-412-3319 MD Office