Florida Mortgage Rates – Midday Report

by Florida's #1 Mortgage Planner on December 3, 2008

Locking Stance: CAUTIOUSLY FLOATING    Mortgage Bonds: -15bp

Mortgage bonds dropped to their support, which put them down 47 basis points on the day, but then they rebounded much like I expected them to.  Currently, MBS are only down 15 basis points.

The ISM Services Index was released and was again below expectations, coming in at 37.3 versus 42.0.  We are still awaiting the Beige Book, due out in jut over an hour, but we have seen a couple of Fed speeches hit the airwaves as well.

Governor Krozner was discussing the Community Reinvestment Act and the recent mortgage crisis in Washington, DC.  Lacker will also be speaking today. 

The charts are still showing the need for mortgage bonds to pullback some, but stochastic indications are moving out of the overbought zone.  As for Florida Mortgage Rates, what I said this morning still holds true.

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