Florida Mortgage Rates – Evening Report

by Florida's #1 Mortgage Planner on September 3, 2008

Locking Stance:  CAUTIOUSLY FLOATING     Mortgage Bonds:  +16bp

Mortgage bonds managed to muster additional strength after the Beige Book’s release, so they ran up and hit their 200-day moving average.  That level of resistance will be tough to break through, but we may just see it happen if the jobs news is favorable.

I am going to hold the floating stance, but it is definitely time to exercise extreme caution and be ready to switch stances very quickly, just in case.  Remember that stochastics are showing overbought and a need for a correction and that correction will have to play out at sometime.

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