Florida Mortgage Rates – Evening Report

by Florida's #1 Mortgage Planner on October 24, 2008

Locking Stance:  LOCKING     Mortgage Bonds:  -66bp

Mortgage bonds had more drama come into play as the market closed, ending the day off their lows, but still down 66 basis points.  Again, the disappointment comes when stocks are down significantly and bonds fall as well.

Key stock indices worldwide dropped today, the DJIA included.  Existing Home Sales jumped 5.5%, but prices fell 9% as well.  Are we seeing the bottom of the housing crisis?  It is too early to tell.

Technically speaking, mortgage backed securities broke below several support layers and rest at their 100-day moving average currently.  That leaves mortgage bonds firmly in a downtrend, which means that Florida Mortgage Rates are on the rise.  Time will tell for sure, but we can expect this rise in mortgage rates to last a while.

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