Florida Mortgage Market – Midday Update

by Florida's #1 Mortgage Planner on March 14, 2008

Locking Stance:  LOCKING    Mortgage Bonds:  +25bp

Mortgage bonds are having another whipsaw day with prices higher, dropping, climbing to new highs on the day and once again plummeting since.

The Fed has basically spooked the markets on a day which could have been great for bonds.  Talk of a Fed emergency rate cut of 75 basis has hit the markets, but the big news of the day is the emergency funding provided to Bear Stearn’s by JPMorgan Chase alongside with help from the NY Fed.

Today promises to be another wild roller coaster ride, but with bonds down on the day from when pricing came out and being beaten back below resistance layers, locking appears to be the best bet, again.

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