Maryland Mortgage Rates Weekly Market Update for the week of July 1, 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 improved for the first time in several weeks. If you look at the mortgage bond chart below you can see mortgage bonds have sold off since Bernanke made comments on tapering asset purchase program on Wednesday June 19, 2013. Bonds were finally able to bounce off support and move higher on Wednesday and Thursday of last week which helped mortgage rates improve. Two factors helped rates improved last week. First members of the Feds were back tracking on Bernanke’s comments and saying tapering of QE3 wouldn’t happen this year and second was report on GDP coming in lower than expected at 1.8%. The 1.8% GDP reading for Q1 of 2013 was below the 2.4% expected which showed economy is not doing as well as hoped.
In housing news, NAR reported Pending Home Sales were up 5.7% in May 2013 and were up 12.1% from a year ago.
The Next Free Maryland First Time Home Buyer Seminar is Saturday July 20, 2013 in Towson, Maryland. Register by calling 410-412-3319 or Register online at http://www.MarylandHomeBuyerSeminars.com
John R. Thomas
Senior Loan Officer – NMLS 38783
Primary Residential Mortgage, Inc. – Baltimore Maryland Mortgage Company
1220A East Joppa Rd Suite 118
Towson, MD 21286
410-412-3319 MD Office