Florida Mortgage Rates – Midday Report

by Florida's #1 Mortgage Planner on August 20, 2008

Locking Stance:  CAUTIOUSLY FLOATING     Mortgage Bonds:  +31bp

It is definitely time to float those loans, at least for today.  I forgot about this morning’s crude inventories, especially since they usually don’t affect the markets much.  This morning’s report about greater than expected inventories was different.

As I said, the Crude Inventories data doesn’t normally amount to much in the mortgage bond markets, but absent any other news brings quite different results at times, today being one.  With the report this morning, oil prices have reversed themselves, taking away inflationary expectations that I mentioned earlier and bonds are rallying as a result. 

The charts are now starting to paint a much brighter future for mortgage rates, though still too early to tell the long term future.  For now, floating is the best and will likely save you thousands on each loan.

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