Florida Mortgage Market – Morning Update

by Florida's #1 Mortgage Planner on April 15, 2008

Locking Stance:  LOCKING     Mortgage Bonds:  3bp

Mortgage bonds had an overall down day yesterday closing at their 25-day moving average, despite Wachovia’s troubles which sent bonds higher out of the gate.  Retail Sales beating expectations beat bonds down.

This morning saw the release of the PPI (Producer Price Index) and it’s view on inflation is fueling inflationary fears as we expected.  We can only hope you locked yesterday as we suggested.  PPI on a whole blew away expectations.  Fortunately, Core PPI was in line, but that is of little comfort overall.

Bonds are now looking test the 3 support layers they have remaining to stay in their channel, but with today’s numbers, along with the potential impact of tomorrow’s CPI data, things do not look good.

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