Maryland Mortgage Rates Weekly Market Update for the Week of November 11, 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 moved sharply higher to end the week after a much better than expected October 2013 Jobs Report surprises the market on Friday. If you look at the mortgage bond chart below you can see that the bond sold off by 93 basis points on Friday after Jobs Report Released (Big Red Candle Down). The bond still has more room to move lower and if the market feels the Federal Reserve will decide to start tapering their asset purchase program in December 2013 rather than March 2014 then we could see bonds continue to sell off and mortgage rates would move significantly higher. We are recommending cautiously FLOATING your Maryland Mortgage Rate to start the week to see if bond will stabilize but ready to LOCK your rate if market continues to sell off. The United States Labor Department released the October 2013 Jobs Report and it surprised the market with 204,000 jobs created which was way above the 100,000 Jobs expected. The report also revised August 2013 and September 2013 numbers higher by 60,000 jobs. This rattled the bond markets which sold off moving mortgage rates higher. The jobs report also showed that the Unemployment Rate moved up from 7.2% to 7.3%. The Jobs Report as released the Labor Force Participation Rate which dropped from 63.2% down to 62.8% which is at a 35 year low.
The Next Free Maryland first Time Home Buyer Seminar is Saturday November 16, 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