Florida Mortgage Rates – Midday Report

by Florida's #1 Mortgage Planner on August 8, 2008

Locking Stance:  LOCKING     Mortgage Bonds:  +28bp

As I mentioned in the last special report, mortgage bonds had tested their resistance and failed.  Currently, they are trying to breakthrough again, resting just 3bp from their 25-day MA. 

Despite Fannie Mae disappointment this morning, oil prices are dropping again and stocks are climbing as a result.  Whenever stocks rally, they usually “suck” money from bonds, mortgage bonds included, sending them lower.  Mortgage bonds are still higher, despite this money flow, which is a good sign.  They are also trading opposite of the 10-year Treasury Note, yet again stressing the importance of working with a mortgage professional who follows live MBS quotes.

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