Florida Mortgage Rates – Evening Report

by Florida's #1 Mortgage Planner on August 18, 2008

Locking Stance:  LOCKING     Mortgage Bonds:  -3bp

What can I say?  Mortgage bonds went nowhere today as I expected, given the lack of data and no real significant news.  The rumor mill is running rampant and housing concerns remain, along with continued concerns over the financial markets.

The good news is that bonds are still holding above their 25-day moving average, but we cannot call it support just yet.  Bonds traded both higher and lower today, remaining basically flat, showing their indecisiveness.  Technical indications still favor lower prices overall, so I remain in a locking stance until the “future” begins to look better.

Tomorrow brings data from both sides, so watch out.  PPI will be reported along with news on the housing markets.  Expect higher inflation numbers, likely expected by traders already, but watch for better than expected numbers in housing.  I will be on hand as the data flows to provide timely reports, at least for the beginning.

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