Florida Mortgage Rates – Evening Report

by Florida's #1 Mortgage Planner on September 5, 2008

Locking Stance:  LOCKING     Mortgage Bonds:  -19bp

Going through Miami right now, heading to Cancun, semi appropriate for bonds as they may be down, but they still look good overall.

The big test going forward from here will be whether or not bonds can hold above their 200-day moving average, which I am now optimistic they will.  It is still somewhat disheartening that stochastics still point to overbought, which may keep that rubber band effect in motion and pull bonds down through that important level.

As we head into the weekend, I suggest locking loans to protect from a further contraction of the rubber band.  Hopefully, as the week gets started, my stance will be changing.  In the bigger picture, mortgage backed securities look poised to send mortgage rates lower for the longer term.

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