Florida Mortgage Rates – Midday Report

by Florida's #1 Mortgage Planner on November 17, 2008

Locking Stance:  LOCKING     Mortgage Bonds:  -3bp

Mortgage bonds are basically flat today and have traded in a relatively small range to either side, positive and negative.  In fact, they were up by as much as 16bp at the beginning, but quickly dropped back down, even going as low as -9bp.

This morning’s data was mostly inline with expectations.  As I mentioned in the morning report, the Empire State Index was slightly better than expected, coming in at -25.4 versus -26.0.  The G.17 data showed Capacity Utilization slightly less than expected, coming in at 76.4% versus 76.6%, but the Industrial Production numbers were considerably higher, coming in at 1.3% versus -0.1%. 

The data normally doesn’t move the markets significantly, and we can see that today.  Citigroup’s announcement of laying off 50,000 workers, along with more warnings from companies, especially retailers, have been in the headlines.  The DJIA plunged at the beginning, but is also flat right now, leaving technicals to lead the way and that does not bode well for mortgage rates right now.

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