Florida Mortgage Rates – Evening Report

by Florida's #1 Mortgage Planner on November 12, 2008

Locking Stance:  CAUTIOUSLY FLOATING    Mortgage Bonds:  +44bp

Mortgage bonds had a fairly good day today, ending up 44 basis points.  However, they ended well off their highs of the day, with resistance keeping them in check, making me skeptical and eager to change back to a locking stance.

Earnings reports and poor same store sales figures beat down stocks, along with the change of plans in the “TARP” by Treasury Secretary Paulson.  I will post about the TARP issue and congratulate them on lasting this long before announcing the change from the $700 billion bill that was voted on, of course the post will be over at Florida Mortgage Report.

Once again, looking at the charts we see a dismal future as stochastic indications point lower, the trading range remains intact, and now we have resistance flexing its muscles to keep bonds from thrusting higher.  Mortgage backed securities will need a solid catalyst to keep them from falling back to their lows, which we may see Friday.  Check back in the morning to see if conditions warrant a switch back to locking or if mortgage rates may hold on for a potential move lower as Retail Sales hits the airwaves.

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