Maryland Mortgage Rates Weekly Market Update for the week of June 3, 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 increased again last week and have been rising since May 1, 2013 when rates were at all time historic lows. The mortgage bond has been selling off as you can see on the mortgage bond chart below by the big red candles. Mortgage bonds have been trying to find a level of support and are oversold which means they could bounce higher as seen by the arrow up on the chart below. But the momentum is for bonds to keep selling off so we are recommending LOCKING your Maryland mortgage rate until the bond can find a solid floor of support and start to move higher.
In housing News, CoreLogic released its report on home prices for April 2013 and it showed a jump higher of 12.1% from April 2012. This was the largest annual appreciation rate since February 2006. The report also showed a 3.2% home price increase from March 2013 to April 2013. Home prices keep rising and so do home loan rates so we recommend if you are looking to purchase a home then get off the fence and get under contract ASAP as your buying power will diminish each month as prices and rates move up.
The much anticipated May 2013 Jobs Report was released on Friday June 7, 2013 and it came out better than expected for the most part. The report showed 175,000 jobs were created in May 2013 which was above the expected amount of 159,000. The unemployment rate actually jumped up from 7.5% to 7.6% mostly because more people started looking for work who were previously not so weren’t being counted in the unemployment calculation. We did see the Labor Force Participation Rate move up from 63.3% to 63.4% which was the first move upward in several months. The LFPR shows how many people 16 years an older that are working compare to the population at a whole.
The Next Free Maryland First Time Home Buyer Seminar is Saturday June 15, 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