Florida Mortgage Rates – Midday Report

by Florida's #1 Mortgage Planner on January 8, 2009

Locking Stance: LOCKING    Mortgage Bonds: +22bp

Now that I have a few hours of sleep, here is what has been happening this morning.  Initial Jobless Claims threw a curve ball into the markets by beating expectations, coming in at 467K versus expectations of 550K.  This certainly does not mean that the economy is out of the woods yet as far as jobs go, especially with Lenovo’s announcement of cutting 11%, but with even the 4-week average starting to come down and the fact jobless claims have beat expectations a couple of times now, things aren’t looking all that bad on that front.

Wal-Mart brought some disappointing news into the system and that is one thing that is keeping mortgage backed securities afloat, as concerns about what has become the staple of the American economy is faltering a bit.

What does this mean for Florida Mortgage Rates?  As I mentioned this morning, mortgage rates will likely remain steady at the moment.  As fundamentals return to normal, the most likely scenario is higher mortgage rates after the Fed stops buying MBS.

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