Maryland Mortgage Rates Weekly Market Update for the week of September 9, 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 jumped higher last week as the mortgage bonds sold off on good economic news and anticipation of better than expected Jobs Report. If you look at the mortgage bond chart below you can see mortgage rates sold off last week but then bounced higher on Friday after Jobs Report. We are recommending LOCKING Your Maryland mortgage rate if closing in the next 2-3 weeks, if closing 30-60 days then you can FLOAT to see if mortgage rates can bounce lower.
In Economic News, the Labor Department released the August Jobs Report and it came out worse than expected. There were only 169,000 jobs created versus 177,000 expected and the jobs for June and July were revised lower by 74,000 jobs. The Labor Force Participation Rate (LFPR) dropped to lowest level in 35 years at 63.2%. This measures the number of eligible workers that are actually working. The unemployment rate dropped from 7.4% to 7.3% but that was mostly because people dropped out of work force not went back to work.
The Next Free Maryland First Time Home Buyer Seminar is Saturday September 14, 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