Florida Mortgage Rates – Evening Report

by Florida's #1 Mortgage Planner on September 29, 2008

Locking Stance:  CAUTIOUSLY FLOATING     Mortgage Bonds:  +41bp

Mortgage bonds were not without their whipsawing back and forth, or rather up and down, as news of the House failing to pass the bailout bill hit the airwaves.  Nevertheless, they did finish they day up a modest 41 basis points while stocks plummeted into the abyss.

Tomorrow is a new day and volatility will likely remain as traders jockey for what they feel is their best position, likely changing it a few minutes later of course.  Chicago PMI will be the big data player and will be released at 9:45.  Odds still favor mortgage backed securities remaining in their current trading range, possibly breaking out for good this time, as they pressure resistance once again. 

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