Florida Mortgage Market – Morning Update

by Florida's #1 Mortgage Planner on May 5, 2008

Locking Stance:  LOCKING     Mortgage Bonds:  -6bp

Mortgage bonds had started the day up higher, but have since shed those gains.  The good news is that their 50-day moving average is holding as support, at least for now.  The larger picture does show bonds heading in a downward trend overall.

With little economic data to digest, the only report being this morning’s ISM Services Index which beat expectations, bonds will rely on news for movement.  And that news is somewhat favorable as Microsoft pulled the plug on a Yahoo! deal and stocks are under pressure today as a result (bonds benefit).

I am going to hold a locking stance, though cautiously floating may be favorable for those with closings further down the road.  The downtrend is slow and may even break if the 50-day moving average holds up.  If it does break, rest assured we will let you know ASAP and make sure you are locked in.

Leave a Comment

Previous post:

Next post: