Florida Mortgage Rates – Evening Report

by Florida's #1 Mortgage Planner on December 29, 2008

Locking Stance: LOCKING    Mortgage Bonds: -9bp

Mortgage bonds were off to a very good start today and I was even thinking I may change stances, though just for a moment.  Mortgage backed securities were up as much as 47 basis points at one time, before coming crashing back down.

As I mentioned before, news and technicals ruled the day and the continued air strikes by the Israelis in Gaza gave mortgage bonds a boost due to the uncertainty.  Other news was that GMAC failed to meet the debt-for-equity exchange conditions to become a bank holding company which prevents them from participating in the continued TARP handouts.  Also, the Kuwait government pulled out of a $17.4 billion deal with Dow Chemical, providing selling pressure on stocks.  The bottom line is that all markets, except oil and gold, which closed higher.

What does this mean for Florida Mortgage Rates?  Mortgage rates are set to remain steady for the foreseeable future with odds still leaning towards higher mortgage rates in the long term.

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