Florida Mortgage Rates – Afternoon Report

by Florida's #1 Mortgage Planner on August 21, 2009

Locking Stance: LOCKING    Mortgage Bonds: -47bp

Sorry for the late report today, but I was flying three legs today and the market was flat lining just before my last departure, so I was waiting to see if the weakness would play out, which it did while I was airborne.

With Bernanke not saying anything new, just restating the same old thing that the economy is coming out of a deep recession due to Fed actions (are they really the heroes?), one can only speculate as to why mortgage backed securities are tanking.  But then again, the technical side showed this was the most likely outcome and that the longer term downtrend would remain intact.  That being said, Existing Home Sales did beat expectations, coming in at 5.24M versus 5.00M and traders take that as more signs of the housing market beginning to recover.

What does this mean for Florida Mortgage Rates?  Mortgage rates are clearly back on the rise and likely to continue for a while.

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