Florida Mortgage Rate Forecast – August 23, 2010

by Florida's #1 Mortgage Planner on August 23, 2010

Locking Stance:  CAUTIOUSLY FLOATING     Mortgage Bonds: +12bp

Mortgage backed securities are enjoying a slight move higher today, but more importantly are showing their 10-day moving average continues to hold for the 3.5% FNMA mortgage bond.  There was no data slated to be released today, just the weekly short-term Treasury Auctions, though this week added the 30-year TIPS Auction.

All three Treasury Auctions were met with solid results.  Both the 3-month and 6-month T-Bill Auctions saw bid/cover ratios over 4 and the 30-year TIPS’s bid/cover rose to 2.78, up from 2.45 in February.  Direct bidding was especially active in the latter auction, showing solid buyside demand.

Don’t forget that the radio show this week was moved back to tomorrow at 11:00 ET and will include a complete technical analysis.  Additionally, I will be getting this week’s weekly forecast up later today or tomorrow.  The internet in Brasil is just not as good as stateside and makes working from here a bit challenging.

What does this mean for Florida Mortgage Rates?  Mortgage rates are holding steady, if not improving today.  The outlook currently remains favorable for steady or improving mortgage rates, possibly even making a run for new record low mortgage rates, though there remain some concerns.

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