Florida Mortgage Rates – Evening Report

by Florida's #1 Mortgage Planner on August 21, 2008

Locking Stance:  LOCKING     Mortgage Bonds:  -34bp

Well, no surprise that mortgage bonds dropped today as the Philly Fed Index was better than expected and oil is back on the rise, among other things.  As I have been saying, technical indications were signaling that mortgage bonds would need at least a correction, it was just a question of when.

Just as the charts were beginning to indicate some good signs, the warnings finally kicked in.  Now, charts are painting a picture of bonds certainly putting their 50-day moving average to the test, possibly even breaking below it again.  Mortgage bonds are still overbought, in need of a corrective period and they remain below the long term downward trend line.  Absent data for tomorrow, chances are we will see a move lower.

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