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Baltimore mortgage rates increased today for the first time in several weeks, as some new economic data came to light sparking an increase in bond yields.

At 8:30 a.m., Durable Goods Orders Data was released. This report measures new orders at U.S. factories for products that are expected to last at least three years (ie: computers, appliances, electronics, etc.).

This report usually indicates how busy factories will be in the months ahead. Increasing orders implies there is the potential for higher corporate profits and maybe the need to hire additional staff for a growing operation. This is beneficial for the overall economy and stock market, but bad for the fixed income sector, bond yields, and mortgage rates.

The report showed that durable orders improved for the third straight month.  New orders increased 0.5 percent and last month’s orders were revised upward from an initially reported rise of 3.0 percent to a revised 3.9 percent. When excluding transportation orders, the report showed a larger than anticipated increase of 0.9 percent (vs 0.6 percent expected increase).

Bond yields moved higher quickly on this data.

New Home Sales data was also released today. New Home Sales lost momentum over the winter, as the previous four reports have all indicated declining sales. February’s report actually fell to a record low level. Today’s release was no better as New Home Sales declined again to a brand new record low.

Current Baltimore mortgage rates are as follows:

30-Year Fixed: 5.125% with 0 points

15-Year Fixed: 4.500% with 0 points

To start your application, click here to contact us today.

* Rates shown assume a minimum credit score of 740 and a LTV of less than 70%. Adjustments may apply to lower credit scores or to higher LTVs.

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