Maryland Mortgage Rates Weekly Market Update for the Week of November 10, 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 lower as bond market rallied after October Jobs Report released.  If you look at the mortgage bond chart below you can see bonds were trending lower but the trend reversed on Friday after the Jobs Report was released.   You can see a big green candle on Friday that showed mortgage bonds rallied higher and the short term trend for mortgage bonds is now to trade higher.  Therefore, we are recommending FLOATING your Maryland Mortgage Rate to start the week to see if bonds and can continue to rally and move interest rates lower.

Mortgage Bond Chart 11-7-2014

In Economic News, the U.S. Labor Department released the October 2014 Jobs Report last Friday, the report showed 214,000 jobs were created in October.  This was below expectations of 235,000 jobs.  However, the economy has gained 229,000 jobs a month in 2014 which is the fastest pace since 1999.  The Unemployment Rate fell from 5.9% to 5.8% but the Labor Force Participation Rate is still hovering around the lows not seen since 1978 at 62.8%.  The report did show some bad news in that wage growth remains very tepid at only 2% for the year which creates a big head wind for the labor market and the jobs report showed most the jobs created were in bars, restaurants, and retailers.


In other economic news, the price of Oil has dropped below $80 a barrel and Americans are benefiting at the gas pump.  Oil has dropped because of the strengthening dollar as oil is traded in U.S. Dollars.  There has also been a drop in world demand and Saudi Arabia has increased production so all of these factors have helped lower the price of oil.  Lower oil will help keep inflation low in the United States which benefits mortgage bonds.

Weekly Initial Jobless Claims came out on Thursday and they fell by 10,000 claims to 278,000 claims which is the 8th week in a row of below 300,000 claims.  The 4 -week average for jobless claims fell to 279,000 which is a 14 year low.


In Housing News, CoreLogic Reported home price gains year over year for September 2014 were 5.6% which was down slightly from 5.8% for August 2014.  This continues to show that home price appreciation is slowing as the housing market slows on a national level.

Corelogic home price index september 2014

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

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

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