Florida Mortgage Market – Morning Update

by Florida's #1 Mortgage Planner on April 9, 2008

Locking Stance:  CAUTIOUSLY FLOATING     Mortgage Bonds:  +22bp

Yesterday saw mortgage bonds move lower, giving bonds a bit of a correction, though they are still generally in an overbought condition.  Today, on the heels of news, not data, bonds have regained lost ground.

For starters, the Fed has stated they will lessen the rates of future cuts, after all, you can only go so low, right?  Couple that with news from American Airlines grounding their MD-80 fleet again, and stocks are not looking too good.  Citigroup is also dumping $12B in troubled debt for less than 90 cents on the dollar.

All in all, stocks are trading a bit lower, letting money flow into bonds and prices have ticked higher as a result.  We do not expect much more movement today, unless Fedspeak or other news hits the airwaves that we are not expecting.

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