Florida Mortgage Market – Week in Review

by Florida's #1 Mortgage Planner on March 10, 2008

Last week was a major disappointment for mortgage seekers as we saw mortgage rates climb dramatically, fueled by many things, mainly inflationary fears.  Mortgage bonds moved down an unprecedented 313bp in the first four trading days, but they did rally on Friday to regain some of that lost ground.  Mortgage rates finished the week up around .375%.

Federal Reserve officials were much of the problem during the week as the renewed fears of inflation, and that never goes well for bonds.  Adding fuel to the fire, Thornburg Mortgage, known for high quality loans, was met with a "margin call".

On Friday, bonds got welcome news in the form of a very dismal jobs report.  That set bonds rallying higher and they did manage to claw their way back above their 200-day moving average, so there is still some hope that rates will get better down the road.

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