Florida Mortgage Rates – Midday Report

by Florida's #1 Mortgage Planner on September 4, 2008

Locking Stance:  CAUTIOUSLY FLOATING     Mortgage Bonds:  +22bp

Mortgage backed securities continue their run, the only question being how much longer before the correction.  There is no surprise why they are up today and that is because stocks are taking another beating, now down over 200 points on the DJIA.

As for the data, the ISM Services Index beat expectations, but did little to calm bonds down.  Oil prices are dropping like a rock, dropping below $108.  Bonds still show a need for a correction, so there will be a change of stance at some point, but for now, virtually everything looks good for bonds and mortgage rates moving forward.

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