Florida Mortgage Rates – FED REPORT

by Florida's #1 Mortgage Planner on June 24, 2009

Locking Stance:  LOCKING    Mortgage Bonds:  -9bp

Mortgage backed securities have tested their 200-day moving average several times again today, and even were pushed lower again.  Overall though, they have been holding about flat with their latest attempt to break through the double resistance coming just before the Fed’s Policy Statement, having pushed higher to being up 18 basis points.  However, since the FOMC Meeting Announcement, MBS prices have swung lower and likely will continue that direction.

And speaking of the FOMC Meeting Announcement, here is a quick rundown, though I will dissect it more later today over at Florida Mortgage Report.  The Fed’s decided to keep the Fed Funds Rate stable at 0.00-0.25%, though I think some traders would have liked to see an increase still.  While this was the consensus, mortgage backed securities traders are not too happy and are reflecting it in the MBS prices.  Check back later at Florida Mortgage Report for a complete rundown on the Policy Statement.

What does this mean for Florida Mortgage Rates?  Well, it appears that mortgage rates will be back on the rise, at least for the short-term outlook.  Things change quickly, and I will post if anything significant changes.

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