Florida Mortgage Rates – Afternoon Report

by Florida's #1 Mortgage Planner on September 2, 2008

Locking Stance:  CAUTIOUSLY FLOATING     Mortgage Bonds:  +28bp

Mortgage bonds took a nose dive out of the starting gate this morning, as expected.  However, as I mentioned they might, they were given some fuel to keep the rally going despite the need for a correction.  That support came from the ISM Index data this morning.

The ISM Index came in basically inline with expectations, with a showing of 49.9 versus 50.0.  Stocks were up at the beginning of the day and that drove bonds lower, but after the ISM was released, the tide started to turn.  Bonds are now at their highest levels of the day, making the full swing over 50bp to the up side.

There are still warnings in the charts, but with the ease of inflationary concerns, those warnings will have to wait until later to blossom.  Today is a good day to float the remainder, but tomorrow could bring the correction so caution remains.

Leave a Comment

Previous post:

Next post: