Florida Mortgage Rate Forecast – September 13, 2010

by Florida's #1 Mortgage Planner on September 13, 2010

Locking Stance:  CAUTIOUSLY FLOATING     Mortgage Bonds:  +66bp

Mortgage backed securities started that corrective move we discussed Friday, so enjoy it while you can.  Our Mortgage Market Weekly radio show just ended and if you listen to it, you can see we are just human after all.  Of course, it certainly doesn’t help when Mr. Ashby flew all night and didn’t get enough sleep this morning to be completely alert.   As such, you can catch him out of the normal as he discussed the wrong week’s economic events, though he did catch it eventually and corrected the information.  Make sure you listen fully through that part, but you can see that he show is a complete “improv” type show and even mistakes don’t get edited out.

Today’s events are essentially limited to the weekly short-term Treasury Auctions.  The 3-month and 6-month T-Bill auctions maintain high bid/cover ratios, but the noteworthy aspect is that the high rates are edging higher with the 3-month T-Bill edging up 5bp to .140% and the 6-month T-Bill edging up 10bp to .190%.  Atlanta Federal Reserve Bank President Dennis Lockhart will moderate Q&A with British Ambassdor Nigel Sheinwald in Atlanta at 12:30.  Tomorrow will begin the week’s bigger events, starting with Retail Sales.  For more on this week’s events and technical analysis, please listen to today’s Mortgage Market Weekly show.  Also, as mentioned in today’s show, Florida Mortgage Daily will be ending its daily postings as they will be available on our new site, Mortgage Rate Forecaster™.

What does this mean for Florida Mortgage Rates?  Mortgage rates are improving today and will likely continue for a brief period as a corrective move is made.  The long-term outlook remains most favorable to mortgage rates continuing to rise, so be ready for a change back to a locking recommendation.

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