Florida Mortgage Rates – Afternoon Report

by Florida's #1 Mortgage Planner on August 24, 2009

Locking Stance: LOCKING    Mortgage Bonds: +34bp

Mortgage backed securities are doing exactly what one would expect after their freefall on Friday, which is bounce back some in a corrective move.  The question is whether or not this move will just be a correction or not.

I apologize for the lateness of the report, but I am in Dallas doing my recurrent flight training and have 9 hours of classes today, now being my lunch break.  Nevertheless, I will also be getting this week’s Mortgage Market Update uploaded to Lenderama later today as well.

There was not much action going on today, just the weekly Treasury Auctions with the 3-month T-Bill and 6-month T-Bill, which both faired very well considering.  That leaves technical indications in the driver’s seat and that does not paint a very good picture for the future of mortgage rates.  I will get more into why later, especially over at Lenderama.

What does this mean for Florida Mortgage Rates?  Expect mortgage rates to edge lower today, though it already looks like they are back on the rise and will do so for the foreseeable future.

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