Florida Mortgage Rates – Evening Report

by Florida's #1 Mortgage Planner on January 2, 2009

Locking Stance: LOCKING    Mortgage Bonds: -38bp

Mortgage bonds had started the day off nicely, but were overcome by advances in the stock market, which had the DJIA closing above 9,000 and S&P and Nasdaq up nicely as well.

All this occurred even when the ISM Index came in below expectations with 32.4 versus  35.4, signaling continued economic contraction.  It also marked the lowest level in nearly 60 years.  Mortgage bonds did finish off their lows, having been down over 60 basis points earlier in the day.

What does this mean for Florida Mortgage Rates?  Mortgage rates continue to remain relatively steady, though a slight tick higher may occur.  Long term projections still favor higher mortgage rates.

Leave a Comment

Previous post:

Next post: