Florida Mortgage Rates – Evening Report

by Florida's #1 Mortgage Planner on September 2, 2008

Locking Stance:  CAUTIOUSLY FLOATING     Mortgage Bonds:  +28bp

Mortgage bonds managed a very nice comeback today, going from down 28bp to up 28bp.  Stochastic indications do not show the correction to have taken place, so caution needs to be used going forward, but the charts do look the best they have been in a very long time overall.

If you didn’t read my afternoon report, I am not going to repeat it here, so go take a look.  As for the summary of the day, stocks were up and then down and bonds moved the exact opposite as normal.  Why did they rally?  In one term, reduced inflationary expectations, as seen in the ISM Index.

There are some reports due out as the week moves on, but the Jobs Jamboree Friday will certainly be what to watch for.  Tomorrow will provide a hint of what to expect Friday, though the ADP report has forecasted incorrectly many times.  Nevertheless, as the ADP report hits the airwaves and bonds get started, the ADP data may light a fire under bonds and send them higher, or could smother them as well.

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