Florida Mortgage Rates – Afternoon Report

by Florida's #1 Mortgage Planner on August 14, 2009

Locking Stance: LOCKING   Mortgage Bonds: 9bp

On days like this I wonder why I ever feel optimistic about the markets.  Mortgage Backed Securities failed to maintain the strength they needed to break the 200-day moving average and present a future that could contain lower mortgage rates, even backed by this morning’s data.  Nevertheless, they are now choosing the easier route, which is falling of course.

While looking at the charts, things do not look overly bleak, however they do not look very optimistic either.  We did have the 25-day MA crossover below the 40-day MA and it is clear that the 200-day MA is going to hold, at least for now.  The good news is we broke above the most recent “top” and that may offer support as well as the support of the 25-day MA which rests just below current levels.  The 50-day MA has turned higher and looks to create a positive crossover of the 10-day MA, so optimism may be restored in the near future.  Let’s see how things play out next week.

What does this mean for Florida Mortgage Rates?  Mortgage rates lost steam and are edging slightly higher this afternoon.  The outlook remains “cloudy”, but should be seen in the coming week.

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