Florida Mortgage Rates – Evening Report

by Florida's #1 Mortgage Planner on November 20, 2008

Locking Stance:  LOCKING     Mortgage Bonds:  +19bp

Mortgage bonds teeter-tottered all day long, finally ending up 19 basis points and letting mortgage rates improve ever so slightly.  The final move higher was solely the result of stocks falling off a cliff, the DJIA ending down nearly 500 points, again.

I failed to mention it earlier, when I shot off the midday report, but the LEI missed expectations slightly while the Philadelphia Fed missed dramatically.  The LEI data was -0.8% versus 0.6%, but the Philly Fed Index came in at -39.3 versus expectations of improvement to -35.0.

If you read the morning report, you already knew those two reports would likely come in favorable to mortgage bonds, so they were no surprise.  Traders seemed to think the same as MBS ran the rollercoaster ride throughout the day. 

Treasuries, namely the 10-year T-Note rallied strongly and emphasized Make sure your mortgage professional follows the correct security to determine the direction of Florida Mortgage Rates what I reiterated yesterday, make sure your mortgage professional is following the right security to determine the direction of Florida Mortgage Rates!!!  Just take a look at the picture to see what I mean.  While both securities ended the day higher, MBS were up only slightly while the T-Note went through the roof.

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