Florida Mortgage Rates – Afternoon Report

by Florida's #1 Mortgage Planner on June 25, 2009

Locking Stance: CAUTIOUSLY FLOATING    Mortgage Bonds: +47bp

Mortgage backed securities have broken through their double resistance and look to make some further gains.  The 7-year Treasury Note Auction results have now made the airwaves and MBS prices are reacting positively to the news.  The auction results had a strong bid/cover ratio and the yield awarded was below expectations.  With the intensity of demand for Treasuries this week, questions surrounding whether official buying is involved have risen.  At this point, floating offers an opportunity and let’s hope it will stick through tomorrow’s PCE report.

What does it mean for Florida Mortgage Rates?  Mortgage rates look to tick lower at the moment, at least for the short-term.

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