Maryland Mortgage Rates Weekly Mortgage Market Update for the week of April 22, 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 ended the week at all time record lows as mortgage bonds traded in a tight range.  We are recommending LOCKING your Maryland mortgage rate if closing in the next 30 days in order to take advantage of these all time record low mortgage interest rates.  If you look at the mortgage bond chart below you can see that mortgage bonds traded in tight range and ended the week almost where they started.  If mortgage bonds break below the 200 day moving average then mortgage rates would move higher.    You can cautiously float your Maryland mortgage rate if you are closing in more than 30 days but if bonds break through support at 200 day moving average then need to quickly switch to a locking stance.

Mortgage Bond Chart April 22 2013

In the housing market, the U.S. housing market is making a comeback!  Housing Starts for March 2013 rose 7% to 1.036 Million units which is 47% higher than the previous year!  Housing Starts is a measure of the number of new homes that construction has begun on for New Home Builders.  The Building Permits declined by 4% to 902,000 but this was still a good number.  Building Permits is a measure of how many builders applied for permits to consturct new homes, so this measures future home building.

Housing Starts March 2013

The U.S. Labor Department released two reports last week; Consumer Price Index Report and the Weekly Initial Jobless Claims.   The Weekly Initial Jobless Claims was releaed on Thursday and it show an increase of 4,000 claims to 352,000 claims for the week.  This shows the labor market is still struggling to make a recovery.  The Consumer Price Index showed a decline of 0.2% for March 2013 which shows inflation remains very tame.  If inflation remains low this helps mortgage bonds as Federeal Reserve will keep its bond buying program going.  The low inflation may explain one reason for the sudden drop in Gold Prices which happended on April 12th and again on April 15th.  Gold Prices dropped 13% in just two days.  The drop in Gold also caused Oil Prices to drop which resulted in lower Gas Prices at the pump for most consumers.


USDA Rural Housing LoansUSDA Rural Housing Update – U.S. Senators submitted a bill to Congress to extend the eligible areas for USDA Rural Housing Loans until the 2020 Census.  Currently elgiible areas will change on October 1, 2013 when the 2010 Census data will be used.  This will make over 900 communities natiowide no longer eligible for USDA Financing.   If this bill passes then all 900 communities would still be eligible until the 2020 census data is used.  CALL TO ACTION:  Call your Maryland U.S. Senators and tell them to vote “Yes” for this bill.

The Next Free Maryland First Time Home Buyer Seminar is Saturday May 11, 2013 in Towson, Maryland. Register by calling 410-412-3319 or Register online at

John R. Thomas
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

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