Florida Mortgage Market – Morning Update

by Florida's #1 Mortgage Planner on April 7, 2008

Locking Stance:  CAUTIOUSLY FLOATING     Mortgage Bonds:  -25bp

Mortgage bonds have ticked lower this morning, and remain about the middle of their current trading range.  The movement is based on news that sent stocks higher this morning, pulling money out of bonds.

Several newsworthy events were released this morning putting pressure on the markets.  Washington Mutual is said to be receiving a $5B infusion, so bankruptcy fears may be put off, at least for now.  Additionally, Merrill Lynch came out saying the worst of the credit crunch is over and Goldman Sachs has gone bullish on mining stocks.

As a result stocks rallied at the open and bonds faltered.  However, bonds a off their lows at the moment as stocks come off their highs.  For that reason, we remain in a cautiously floating stance as floating may still be your best bet right now, since bonds are already higher than some lenders priced today. 

If conditions change, we will get another update out as quickly as possible.

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