Florida Mortgage Rates – Midday Report

by Florida's #1 Mortgage Planner on September 9, 2008

Locking Stance:  LOCKING     Mortgage Bonds:  +0bp

OK, it is a little past midday, but here is what is going on.  If you have been watching the markets like I have, chances are you are getting motion sickness with the ups and downs today.  Bonds remain at 0bp, down from their starting point today.

Here is one of my concerns for today.  Charts are coming back into play as the dust is settling for the most part over the move by the government to take over Fannie Mae and Freddie Mac.  With charts back in play, the short term picture is beginning to look ugly, pointing to further downward movements before another leg up can resume.

I am hoping bonds can break this forming pattern before the day is done, but if not, chances are we will be getting some unfavorable news and/or data and we will see mortgage bonds drop, maybe even testing support.

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