Florida Mortgage Rates – Midday Report

by Florida's #1 Mortgage Planner on October 20, 2008

Locking Stance:  CAUTIOUSLY FLOATING     Mortgage Bonds:  +41bp

Mortgage bonds have improved since this morning’s report, but are off their highs once again.  They managed to push all the way up to their 25-day moving average before being beaten back down, currently back below their 50-day moving average.

Bernanke has been talking to the House Budget Committee this morning and that is helping stocks make modest gains, currently the DJIA is back above 9,000.  His comments about current moves calming the financial markets is what traders are reacting to today.

The LEI marked its first rise since April, coming in at 0.3%, with 6 of the 10 indicators showing gains.  Since the LEI attempts to forecast turning points in the economy, about 6 to 9 months out, this report shows that the “non-financial” economy is not falling apart.  Of course, this news is of little importance, especially with Big Ben speaking.

Leave a Comment

Previous post:

Next post: