Baltimore mortgage rates stayed flat on Wednesday, following word from the Federal Reserve that officials will leave interest rates alone.

The Fed decided to leave its key interest rate near 0 percent on Tuesday afternoon and stated that interest rates should stay low for the foreseeable future.

Fed officials said that the weakened economy is going to result in “exceptionally low levels of the federal funds rate for an extended period.”

That policy has been in place since March of last year.

Current Baltimore mortgage rates are as follows:

30-Year Fixed: 5.000% with 0 points

15-Year Fixed: 4.375% with 0 points

To start your application, click here to contact me 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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30-year fixed rate mortgages stayed flat in Baltimore last week and hovered around 4.750 percent to borrowers who were willing to pay 1 point.  15-year fixed rates were about 4.250 percent and the 5-year ARM was at 3.625 percent.

FHA loan rates remained the same as standard conforming rates. A home-buyer tax credit of up to $8,000 is available on these loans through April and applicable toward borrower closing costs. New FHA rules, which go into effect on April 5th, include an increase in Mortgage Insurance to 2.25 percent of the loan amount.

Jumbo rates were also flat last week.  The jumbo 30-year fixed rate stayed at 5.625 percent throughout the week, although a rates of 5.500 percent was available to consumers with extremely low loan-to-value ratios of 60 percent or better.

Despite the fact that the highly-anticipated Federal Reserve exit from the purchasing of mortgage-backed securities is now just over 2 weeks away, the prices of mortgage-backed securities, which tend to push mortgage rates in the opposite direction, were also flat.

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Baltimore MD Mortgage Rates are holding steady today as most U.S. debt prices are flat as investors look ahead to statements from the Federal Reserve next week.

Investors waiting for any key statements from the Fed at next week’s Federal Open Market Committee (FOMC) meeting, set for March 16.

The verbiage they’ll watch is whether Fed Chairman Ben Bernanke will allude to any policy changes, especially when it comes to timing for a potential increase in interest rates.

In the meantime, investors are likely to have a wait and see attitude.

Current Baltimore MD mortgage rates are as follows:

30-Year Fixed: 5.000% with 0 points

15-Year Fixed: 4.375% with 0 points

To start your application, click here to contact me 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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