Florida Mortgage Rates – Midday Report

by Florida's #1 Mortgage Planner on October 24, 2008

Locking Stance:  LOCKING     Mortgage Bonds:  -35bp

Mortgage backed securities have been having a wild ride since the release of the Existing Homes Sales data and the opening of the stock markets.  That ride, as expected, has been mostly a drop.

The DJIA opened down 500+ points as expected, but has since rebounded.  With mortgage bonds unable to make significant gains prior to the stock market open, they have done nothing but lose ground as stocks rebounded.

Existing Home Sales came in better than expected and even hit a 13 year high.  Has the housing market hit bottom?  While sales are up, prices were still down across the nation, so the bottom in prices may yet be seen.  I still feel that South Florida has bottomed out for the most part, but that it will be a while before we see a recovery.

As for Florida Mortgage Rates, they are on the rise again today as mortgage backed securities are down.  They are off their lows, but if they cannot get back above their 200-day moving average, that downtrend I have been talking about will be firmly in place, meaning Florida Mortgage Rates will be headed higher.

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