Florida Mortgage Rates – Evening Report

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

Locking Stance:  CAUTIOUSLY FLOATING     Mortgage Bonds:  +69bp

As I said earlier, due to weak economic data, bonds were in rally mode.  Things are looking good, but we do need to exercise caution right now.

When securities move dramatically, there is a correction, or retracement, that takes place.  We are currently at the 50% retracement level, so that correction may be over tomorrow or shortly thereafter.   Moving forward, if bonds can hold on then we will see a change in chart patterns, but for now we must lean toward the conservative side and prepare for another move lower, meaning rates may begin to rise again.

I will likely be a little late in starting reports tomorrow, but I assure you that I will be updating you as soon as I get “connected” in Sao Paulo, Brazil in the morning.

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