Florida Mortgage Rates – Midday Report

by Florida's #1 Mortgage Planner on August 11, 2008

Locking Stance:  LOCKING     Mortgage Bonds:  -44bp

It is just about the middle of the trading day and mortgage backed securities are trading down considerably (fresh lows of the day), being beaten back down by resistance as I expected without a “catalyst” to give bonds strength.

Fannie Mae announced this morning that its losses will exceed their expectations (duh) and it will need to follow Freddie Mac’s initiative to raise capital by up to $10 billion.  Stocks continue to move higher as oil prices drop below $115, adding to mortgage bonds’ sell off.  The AIG Chief, Maurice “Hank” Greenberg warned that housing crisis was far from over. 

As I mentioned before, news will be the driving force of the day as data is nonexistent.  I will provide further reports as necessary or sum the days events as usual in the evening report.

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