Florida Mortgage Rates – Midday Report

by Florida's #1 Mortgage Planner on August 6, 2008

Locking Stance:  LOCKING     Mortgage Bonds:  -50bp

Mortgage bonds continue to get beat down.  As I expected, bonds did drop all the way down to test support, bouncing off that level.  Crude Inventories rose again, sending oil prices down slightly, but that is not helping bonds at all.

The main reason for the drop today is due to what you likely already heard.  Freddie Mac’s losses were 3 times worse than expectations, warning they may not meet capitalization standards, but they did “talk” about being adequately solvent, which remains to be seen.

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