Florida Mortgage Rates – Evening Report

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

Locking Stance:  LOCKING     Mortgage Bonds:  +22bp

I just got in from Recife and have reviewed most of what happened today, so let me break it down in case you weren’t able to follow it throughout the day.

The ISM Index, a typically major player, was released this morning and it showed a recessionary type economy as the data hit the lowest it has been in 16 years, coming in at just 38.9%.  Couple that with Fed President Jeffrey Lacker’s commentary that the economy is heading into a moderate (there’s that word again) recession and recessionary fears should be in full force.  That’s good news for Florida Mortgage Rates and they did improve slightly today.

However, mortgage backed securities ended the day well off their highs on a day when data and commentary should put them closing at or near their highs.  The good news for about 400,000 homeowners was JP Morgan’s announcement to stop proceedings and start counseling services instead, especially for those with negative amortization (neg am) loans.

Overall, from what I see in headlines, data, etc., I am not very happy with mortgage bonds’ performance today, which concerns me about Florida Mortgage Rates in the days ahead.

Leave a Comment

Previous post:

Next post: