Florida Mortgage Rates – Evening Report

by Florida's #1 Mortgage Planner on August 1, 2008

Locking Stance:  LOCKING     Mortgage Bonds:  -6bp

Mortgage bonds ended the day forming a doji, meaning they ended right where they started.  Their final price is just 2bp above their 25-day moving average and they have been pushed back from their 50-day moving average.

As I said earlier, it was a mixed bag of information this morning, and traders don’t seem to know which way to go from here.  If we look at technicals, once again we see odds favoring lower prices, meaning higher mortgage rates ahead.

With as much news as we have had this week, you would have expected a clear direction to be in place by now.  Bonds mustered strength only to falter throughout the week, so they may be running out of steam.  We will have to wait until next week to see what is in store and if we can get a better pattern forming finally.

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