Florida Mortgage Rates – Midday Report

by Florida's #1 Mortgage Planner on June 8, 2010

Locking Stance: LOCKING    Mortgage Bonds: 0bp

Mortgage backed securities managed to break free yesterday and push to the next level of resistance, much like what the charts predicted.  But once again, just how much lower can mortgage rates go, hence the risk/reward ratios are not favorable for floating at this point.

There still is not much as far as data goes, with data limited to essentially meaningless week/week store sales.  The data is kind of nice to follow but does not make waves in the market.  We do have several Feds opening their big mouths today, though they should be done by now, leaving the first important Treasury Auction left to make the markets roll.  The 3-year T-Note auction results will be released in about 40 minutes. 

I will get more into the current technicals tomorrow, so check back for that.  The charts still look good, though that “rubber band” is stretched pretty thin and a “snapback” needs to occur, likely soon.

What does this mean for Florida Mortgage Rates?  Mortgage rates are steady today after edging slightly lower yesterday.  The short-term outlook is leaning towards mortgage rates edging higher in a corrective move.

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