Florida Mortgage Market – Morning Update

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

Locking Stance:  CAUTIOUSLY FLOATING     Mortgage Bonds:  +16bp

Bonds are currently moving higher on this morning’s data.  Initial Jobless Claims were slightly higher than expectations, the Federal Reserve Statistical Release G.17 data was also favorable to bonds showing decreases in both production and utilization.  The Empire State Index turned negative, coming in well below expectations.

Overall, bonds are moving higher with the data, but they have a ways to go before they hit resistance, which may keep them in check.  The Philadelphia Fed Index is the key to today’s movement, and it is due out in about 20 minutes or so.  If it provides favorable data, floating will remain the best course for now. 

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