Florida Mortgage Rates – Midday Report

by Florida's #1 Mortgage Planner on October 30, 2008

Locking Stance:  LOCKING     Mortgage Bonds:  -12bp

Mortgage bonds are like a small yo-yo right now, moving a little up and down, but hanging down from the flat mark and basically right at support right now.

The DJIA is basically flat at this point as well, falling from its highs as oil is down on the day.  American Express announced a 10% cut in its staffing, totaling around 7,000 jobs added to the casualty list and certainly not helping to ease fears of a continued tight sphincter on credit.

If bonds can hold on, we may see a push higher and we may even be able to prevent a long term downtrend.  It will be interesting to see how it all plays out, but the current rend is losing steam and with bonds still higher than previous lows (July), we may get a welcome move.

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