Maryland Mortgage Rates Weekly Market Update for the Week of December 8, 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 ended the week higher last week as mortgage bonds sold off after hitting resistance and being turned lower. Looking at the mortgage bond graph below you can see that bonds hit a ceiling of resistance on Monday and were turned lower and followed through on Tuesday. This was a bearish signal for bonds, Bonds fell sharply again on Friday after the November 2014 Jobs report was released but were able to rally back after hitting floor of support and recover some of the losses. Since the mortgage bonds were able to rally off support, we are going to recommend FLOATING Your Maryland Mortgage Rate to start the week to see if bonds can recover from losses last week.
The November 2014 Jobs Report was a shocker showing that 321,000 jobs were created in November which was way above the 230,000 jobs expected to be created. This caused the stock market to rally and bonds sold off, the initial reaction was a drop of 70 basis points as can be seen in the bond chart above with the long red tail below the candle stick. The jobs report as added 44,000 jobs to September and October and showed Unemployment Rate remained the same at 5.8%. This was a very good jobs report and shows the labor market is recovering very nicely.
In Housing News, the Federal Housing Administration (FHA) announced the loan limits for FHA Loans for 2015 that take effect on January 1, 2015. There are seven counties in Maryland that will see higher FHA Loan Limits in 2015 which are as follows:
- Anne Arundel County Maryland
- Baltimore County Maryland
- Carroll County Maryland
- Harford County Maryland
- Howard County Maryland
- Queen Anne’s County Maryland
- Baltimore City Maryland
You can see the new loan limits and get all the information at Maryland FHA Loan Limits 2015
The next Maryland First Time Home Buyer Seminar is Saturday December 20, 2014 in Towson, Maryland at the Sheraton Baltimore North Hotel. You can register by calling 410-412-3319 or online at Maryland Home Buyer Seminars
There is also a Maryland Home Buyer Seminar Saturday December 13, 3014 in Frederick, Maryland at the Hampton Inn. You can register by calling 410-412-3319 or online at Maryland Home Buyer Seminars
There is also a Maryland First Time Home Buyer Seminar Wednesday December 17, 2014 in Laurel, Maryland at the North Laurel Community Center. You can register by calling 410-412-3319 or online at Maryland Home Buyer Seminars
APPLY ONLINE today to be pre-approved for a mortgage to buy your first home in Maryland. Primary Residential Mortgage is an approved lender for the Maryland CDA Program
John R. Thomas
Loan Officer – FHA, VA & USDA Specialist – NMLS – 38783
Primary Residential Mortgage, Inc. – Baltimore Maryland Mortgage Company
1220A E Joppa Rd
Towson, MD 21286
410-412-3319 MD Office
302-703-0727 DE Office
610-906-3109 PA Office