Maryland Mortgage Rates Weekly Mortgage Market Update for the week of February 25, 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 were able to finally stop their trek higher last week and stabalized as mortgage bonds were able to hammer out a bottom. In the chart below we can see mortgage bonds stopped stepping lower last week and traded in a tight channel. We are recommending FLOATING your Maryland mortgage rate to start the week to see if mortgage bonds can move higher which would move home loan rates lower.
Last week we saw initial jobless claims come in higher by 20,000 to 362,000 claims on Thursday when the Labor Department released its weekly labor report. This is bad news for the labor market which helped boost mortgage bonds. Last week also saw the release of two reports with a read on inflation; the Producer Price Index and the Consumer Price Index. The PPI & CPI both showed inflation remains tame which is again good news for mortgage bonds. Low inflation helps support low mortgage rates.
In housing news we saw the release of two reports on new construction: Housing Starts and Building Permits. Housing Starts for January 2013 came in lower at 890,000 but most of the decline was from multi-family starts. Single Family Housing Starts actually increased and were at the highest level since July 2008.
The Next Free Maryland First Time Home Buyer Seminar is Saturday March 23, 2013 in Towson, Maryland. Register by calling 410-412-3319 or Register online at http://www.MarylandHomeBuyerSeminars.com
John R. Thomas
Loan Officer – NMLS 38783
Primary Residential Mortgage, Inc.
1220A East Joppa Rd Suite 118
Towson, MD 21286
410-412-3319 MD Office