Florida Mortgage Rates – Evening Report

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

Locking Stance: LOCKING    Mortgage Bonds: +28bp

Mortgage bonds managed to make some more gains compared to this morning, but most importantly, they are back above their 10-day moving average and within the prior trading range.  The market closed early for Christmas.

This morning’s data was favorable overall and helped give mortgage bonds a boost.  However, things look different when yo get deeper into the details and you can see some gains in Durable Goods Orders that may be a caution sign.  When you take out transportation goods, Durable Goods Orders were up 1.2% and spending by businesses was up 4.7%.  It will be interesting to see how this all plays out next year.

Applications for mortgage are obviously higher right now as mortgage rates are now averaging just above 5.0%.  When you compare that to last year, they have more than doubled.  Does that mean the salvation of the housing market?  Absolutely not. 

What does this mean for Florida Mortgage Rates?  Mortgage rates are going to remain steady for now.  As the year comes to an end, you can expect them to remain stable, though 2009 will most likely see higher mortgage rates, with only a small chance of seeing lower mortgage rates first.

HAVE A VERY MERRY CHRISTMAS!!!

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