Florida Mortgage Rates – Evening Report

by Florida's #1 Mortgage Planner on September 18, 2008

Locking Stance:  LOCKING     Mortgage Bonds:  0bp

Greetings from Vegas!  It is amazing what happens sometimes in the course of a flight, granted it was five hours.  Mortgage bonds managed to muster that strength needed to get back to where they closed yesterday, showing the tremendous uncertainty and volatility in the markets right now.  News of more bailouts, no matter what the cost, are what is creating mass confusion.

Mortgage bonds have returned to their entrapment within a fairly small trading range.  The good news is that their support layer has held again.  The bad news is the resistance above has held its ground several times.  With no data slated to be released for nearly a week, news and technicals will be driving rates.  When the government decides on more bailout programs, you can expect the markets to react.

The government may wait to see how the markets open in the morning before shooting their mouths off with news of bailouts.  However, they are burning the midnight oil to see what they should do.  Whenever and whatever their announcement, markets will be volatile tomorrow so get out your barf bags in preparation.

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