Florida Mortgage Rates – Chicago PMI Released

by Florida's #1 Mortgage Planner on March 31, 2009

Locking Stance: CAUTIOUSLY FLOATING    Mortgage Bonds: +6bp

As promised, here is a quick update on what to expect today now that the Chicago PMI has been released.  With most of the data this week being focused on the weak economy versus inflation, the Chicago PMI helps set the stage for the remainder of the week.

This morning’s Chicago PMI numbers showed an increased contraction versus last month, a sign the economy may not be improving as was hoped.  The numbers were well below expectations of 35.0, coming in at 31.4.  The general consensus for this month’s numbers was a slight improvement over last month’s 34.2 showing, but instead we saw numbers worse than last month, raising concerns about the economic recovery and that should help mortgage backed securities today.  Consumer Confidence is due out in about 15 minutes, but will likely not change the markets versus the PMI report.

What does this mean for Florida Mortgage Rates?  Expect rates to improve slightly as the day unfolds as trader focus moves away from inflation and back to the weak economy.

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