Florida Mortgage Rates – Midday Report

by Florida's #1 Mortgage Planner on December 1, 2008

Locking Stance:  CAUTIOUSLY FLOATING    Mortgage Bonds:  +3bp

Mortgage bonds are once again doing their yo-yo pattern.  The global markets are suffering and sending our own stock market plunging, the DJIA now down nearly 400 points. 

Oil fell below $50 a barrel and the ISM Index was worse than expected, coming in at 36.2.  All the news and data continue to be bond friendly, helping keep Florida Mortgage Rates low, but they again are failing to rally.

As I mentioned in this morning’s report, and also in my weekly Mortgage Market Update at Lenderama, mortgage bonds will likely pull back before they try reaching for new heights, so this stagnation is not unexpected.  Once again, for those approaching a closing date in the next few days to a week, or those that simply do not like taking some risks, go ahead and lock your rate.  For the remainder, floating will most likely prove beneficial over time.

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