Florida Mortgage Rates – Evening Report

by Florida's #1 Mortgage Planner on December 15, 2008

Locking Stance: CAUTIOUSLY FLOATING    Mortgage Bonds: -19bp

I had been expecting a pullback in mortgage bonds eventually, and we got a little one today, certainly not much to be worried about, at least not yet.  With tomorrow being a big data day, along with the Fed decision in the afternoon, my stance may switch quickly, but I am going to hold the cautiously floating stance until things play out.

Today saw some data, again favoring lower mortgage rates, but mortgage bonds are just needing to take a break.  News overshadowed data for the most part, much of it about the Bernard Madoff investment scheme and its effects on the global markets.  News of foreign capital pushing into Treasuries and shying away from other investments, including mortgage backed securities certainly did not help mortgage bonds today.  Now we can all rest easy knowing the Fed will save the day tomorrow.

What does this all mean for Florida Mortgage Rates?  Mortgage rates will tick ever so slightly higher tomorrow morning, if they didn’t already this afternoon.  After that, as the week plays out, mortgage rates still appear to be headed lower, but that picture may change tomorrow, or even later on this week.

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