Florida Mortgage Rates – Midday Report

by Florida's #1 Mortgage Planner on September 23, 2008

Locking Stance:  LOCKING     Mortgage Bonds:  +50bp

Yes, I am know mortgage bonds are climbing higher as Bernanke and Paulson have been testifying today about the whole bailout program.  Bernanke has been indicating that there will be more foreclosures with Paulson saying there will be more foreclosures avoided.  Did I hear that right?  Wouldn’t surprise me in the least.

Anyhow, mortgage bonds are punching higher and may hold their ground, maybe not.  So far, they have not been able to break resistance, so odds favor no higher movement as I mentioned earlier.  I am going to stick with locking until the dust truly settles as you can see confusion in the markets and emotions are running rampant still.  Both are never good plays, certainly not for the faint hearted.

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