Florida Mortgage Rates – Evening Report

by Florida's #1 Mortgage Planner on August 25, 2008

Locking Stance:  CAUTIOUSLY FLOATING     Mortgage Bonds:  +38bp

Mortgage backed securities, and thus mortgage rates, had a very good day today.  What is even better is the pattern forming in the charts, though stochastic indications still show a need for a correction at a minimum.

Stocks plunged again today, down nearly 250 points on the DJIA, and bonds rallied again.  Housing was marginal, though shows signs of improvement that only time can prove correct.  More concerns about the overall economy fueled the tug of war favoring the poor economic side.  With more data scheduled for tomorrow, namely the FOMC Minutes, or Fed Unplugged, we will hopefully see continued gains and a break of the downtrend.

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