Maryland Mortgage Rates Weekly Market Update for the Week of November 17, 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 slightly lower than they started the week. If you look at the mortgage bond chart below you can see mortgage bonds have been trading in a tight range between the two blue lines on the chart. Mortgage bonds were able to rebound off the lows on Thursday and Friday so we are recommending FLOATING your Maryland Mortgage Rate to start the week to see if mortgage bonds can make a move higher this week to move interest rates lower.
In Economic News, Weekly Initial Jobless Claims were released on Thursday and came in at 290,000 claims for the week which was an increase of 12,000 from the previous week. This is the ninth straight week that jobless claims have come out below 300,000 claims which hasn’t happened since 2000. Jobless claims are also 20% lower than they were a year ago dropping from 364,167 on 11/8/2013 to 290,000 on 11/9/2014. However, the labor market is still not doing great because there are still 18.2 million people that say they can’t find full time employment. This is a big number being that the U.S. economy is 5 years into the economic recovery.
In other economic news, the price of Oil continues to drift lower to levels not seen since October 2011 which has helped Retail Sales. Retail Sales for October 2014 increased by 0.3% from September which was good bounced back and above expectations of 0.2%. We also saw Consumer Sentiment for November 2014 rise to 89.4 which is the highest reading since July 2007. Consumer Sentiment measures how well consumers feel about the economy.
In Housing News, Fannie Mae announced changes to condo project approval with their new selling guide update on November 10, 2014. The changes make it easier for condo projects to be approved. See the updates in the following blog post, Fannie Condo Project Guidelines Updates.
In other housing related news, Rental rates are soring, the nationally year over year rents increased by 6.2% and in the most expensive markets it increased by an average of 7.8%. This means it is time for potential home buyers to get off the fence because if they renew that lease again, it is only going to be going up.
The next Maryland First Time Home Buyer Seminar is Saturday November 22, 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