Florida Mortgage Rates – Evening Report

by Florida's #1 Mortgage Planner on July 30, 2008

Locking Stance:  LOCKING     Mortgage Bonds:  +19bp

Today was a wild ride for mortgage bonds, and subsequently mortgage rates.  Despite their recovery from being down this morning, color me skeptical, but I still favor locking as bonds will be hitting resistance quickly with any additional move higher.  Why?  This move higher today may simply be the “euphoria” after President Bush signed the housing bill.

Tomorrow is the beginning of some heavy hitting news, starting with the Chicago PMI and then ECI.  Friday’s Jobs report will be next to shake the markets.  The fundamentals may be changing, but technically, odds still favor lower prices and higher rates for now.

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