Florida Mortgage Market – Morning Update

by Florida's #1 Mortgage Planner on May 6, 2008

Locking Stance:  LOCKING     Mortgage Bonds:  +12bp

Mortgage bonds are up slightly this morning due to stocks under selling pressure.  It will be another day of minimal movement most likely since there is no economic data scheduled to be released, unless something major hits the airwaves.

Bonds are still trapped in a very narrow trading range at the moment, stuck between the resistance of their 25-day moving average and the support of their 50-day moving average.  I am going to hold a locking stance for now, mainly because this week’s Initial Jobless Claims data (Thursday) will likely play a much larger role after last week’s jobs data and the odds are bonds will move lower.

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