Florida Mortgage Rates – Afternoon Update

by Florida's #1 Mortgage Planner on June 23, 2008

Locking Stance:  LOCKING     Mortgage Bonds:  -12bp

Mortgage backed securities are at their lows of the day, though I don’t expect much more weakness in light of no economic data.  In the long run, bonds will most likely face selling pressure in the days ahead, so I will stick with my locking stance.  My weekly Mortgage Market Update is available at Lenderama as usual.

I am volunteering at my church’s VBS camp, so my morning reports will not likely get out until midday.  I am only able to volunteer through Wednesday, so as the major events start rolling in, I will be ready and able to get you appropriate and timely updates.

Today lacked economic data and tomorrow is basically just consumer confidence with the two major players this week being Wednesday’s FOMC Meeting and Friday’s PCE data.  The downtrend is still solidly in place and unless we get a surprise this week, bonds will be headed lower, causing mortgage rates to rise.  If you or one of your clients has been waiting in the wind for the best rates available, be ready to lock as the week moves on.

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