Florida Mortgage Rate Forecast – September 7, 2010

by Florida's #1 Mortgage Planner on September 7, 2010

Locking Stance:  CAUTIOUSLY FLOATING     Mortgage Bonds:  +47bp

Mortgage backed securities are in a move higher, which will likely be merely a retracement, though we cannot rule out the trend remaining intact as was mentioned in yesterday’s radio show.  Only time will tell for sure, but there are some serious concerns.

There is no data slated to be released today, but we do have some European news raising credit concerns and there are Treasury Auctions coming up.  The weekly short-term Treasury Bill Auctions are due out shortly and the more notable auction for today will be the 3-year T-Note auction which will be released at 1:00. 

With MBS prices moving higher, and likely more to come to complete a solid retracement, we are going to hold a cautiously floating stance.  Things can change quickly and we will update you if needed.

What does this mean for Florida Mortgage Rates?  Mortgage rates are edging lower today so you can take advantage if you did not lock in last week (which would have been better).  The overall outlook remains unfavorable, though this outlook may change still.

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