Locking Stance: LOCKING Mortgage Bonds: +72bp
OK, if you read our post yesterday and/or listened to the radio show, you knew we remained in a locking stance and saw the charts pointing to continued climb in mortgage rates. We were wrong, but that was the first time in a long time, and due to the fact we were working on “lack of information” as well. You see, I will take the blame and for the reasons I mentioned before, I am in an intensive training program for my airline job and I am unable to watch the charts or the markets, even last Sunday when I did the show and setup Monday’s post.
That being said, let’s look at what would have happened. As you long-term followers know by now, whenever I cannot watch the markets closely, I always state so and always maintain a locking stance, regardless. If I had been able to watch the markets, Monday’s report and the radio show would have definitely played out differently as you can imagine. The good news is that this week should be the last time I am ever away from my computer for an extended period of time. More good news is as I start my new business venture with Mortgage Rate Forecaster, I will be training more people to take over when I cannot be there, on top of adding more content, updates, and analysis. Mortgage Rate Forecaster should still go live (and Florida Mortgage Daily ceasing posts) on October 1, 2010. Make sure you sign up because that will be the only way to get a “big picture”outlook, as well as some other benefits I will be adding.
What does this mean for Florida Mortgage Rates? Mortgage rates have edged down, but we cannot change our locking stance due to my inability to closely monitor the markets as is required. I apologize for the inconvenience, but it is an unfortunate part of me working my two loves, the other being flying.