Florida Mortgage Rates – Evening Report

by Florida's #1 Mortgage Planner on July 28, 2008

Locking Stance:  CAUTIOUSLY FLOATING     Mortgage Bonds:  +53bp

Mortgage bonds started the day rather quiet as there was no data released today.  Stocks opened lower and that got bonds moving higher.  Then came reports that mortgage backed securities, namely Fannie Mae and Freddie Mac bonds were being bought up since the spread on yields had grown so far apart that they were looking attractive again.  Money continued to flow from stocks to bonds.

Tomorrow, we start seeing data and the next day or two will establish the direction of rates for at least the short run.  Looking at the charts, bonds were basically flat, jumped higher, and essentially flat again.  Momentum right now is higher, but their 25-day moving average is just above and ready to knock them back down if they cannot get something to burst through.

I apologize for only one report today, but we had a problem with the airplane during last night’s flight and, unfortunately, that caused a delay that prevented updates today as I was hoping.  Tomorrow should resume normal reports.

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