Florida Mortgage Rates – Midday Report

by Florida's #1 Mortgage Planner on July 3, 2008

Locking Stance:  LOCKING     Mortgage Bonds:  -19bp

It is not quite midday, but I felt the need to update you on what is happening.  The ISM Services Index came out and was worse than expected, with bonds holding on for a while before faltering.

Mortgage bonds have fallen back through their 25-day moving average and even dropped below some other support, so the downtrend appears to have overtaken bonds’ strength.  What I had hoped would finally be a broken trend now appears to be confirmation that rates will continue to rise.

The bond market will be closing in about 2 hours, with the stock market closing in just over 1 hour.  Bonds may be able to muster strength, but with their move lower on mostly favorable news, that strength may never come.

Leave a Comment

Previous post:

Next post: