Florida Mortgage Rates – Midday Report

by Florida's #1 Mortgage Planner on March 10, 2009

Locking Stance: LOCKING    Mortgage Bonds: -12bp

Sorry for the late post this morning but my flight was delayed.  The markets are still in the corrective process today as you can see, mostly due to the stock market rallying as Ben Bernanke is talking about “Mark to Market”.  The move of pricing is certainly not unexpected as I have been talking about this retracement since Friday.

There are no real data plays today, so once again technicals and stocks will be the driving force, so a retest of the 25-day moving average has already proved to be support, at least so far, as mortgage backed securities started the day almost exactly at that level and are higher since then.  Mortgage bond pricing will be tested with more supply hitting the markets as well, so we may see another test of the 25-day moving average.

What does this mean for Florida Mortgage Rates?  Expect mortgage rates to be slightly higher today, but will likely hold steady.  Short term still looks “iffy” for lower mortgage rates, but if the mortgage bonds hold their ground, lower rates may yet be in the future.

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