Florida Mortgage Rates – Midday Report

by Florida's #1 Mortgage Planner on October 10, 2008

Locking Stance:  LOCKING     Mortgage Bonds:  -78bp

Mortgage bonds are once again bouncing up and down as I suspected would happen again today.  Traders are still evacuating the markets on both sides, stocks and bonds, once again, with the DJIA dropping over 700 points and still down over 300 right now.

Technically speaking, well, we are looking at an ugly chart to say the least.  Since Monday’s high, mortgage backed securities have fallen a whopping 250 basis points!!!  And that is with them off their lows.  They have broken through their 25-day, 200-day, 50-day and even 100-day moving averages, and look poised to retest their July lows, so mortgage rates will be heading higher for the foreseeable future, at least back to July’s highs.

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