Florida Mortgage Rates – Midday Report

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

Locking Stance:  LOCKING     Mortgage Bonds:  -38bp

Mortgage bonds have been up and down today, but are still lower than my earlier report.  Consumer Confidence beat expectations, coming in at 51.9 versus an expected 50.0, which is bad for mortgage bonds and mortgage rates.

The good news is oil likely reached its peak as it has been coming down, now hitting the lowest levels since May.  That is good for mortgage bonds and mortgage rates as inflation risks influenced by oil prices are dropping.  Keep in mind that businesses, namely retailers, are very likely to still be raising prices as the prior costs flow through, so inflation risks are still far from over.

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