Florida Mortgage Rates – Midday Report

by Florida's #1 Mortgage Planner on November 6, 2008

Locking Stance:  CAUTIOUSLY FLOATING     Mortgage Bonds:  -22bp

Taking a look at the markets and the fact that the jobs data slated for tomorrow will likely be bad, I am going to cautiously switch my stance back to floating as mortgage backed securities hold their own right now.

The reasons for changing are that support is holding and unless we get a surprise in the jobs data, bonds should rally tomorrow, maybe even breaking through the “roof”.  We can only hope that that happens, but our best chance is tomorrow. 

With mortgage backed securities well off their lows of today, I feel we can afford to let it ride into tomorrow if you didn’t already lock your loan.  Be ready for a quick change up though, should conditions warrant, and especially if the jobs data comes in better than expected.

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