Florida Mortgage Rates – Midday Report

by Florida's #1 Mortgage Planner on August 6, 2009

Locking Stance: LOCKING    Mortgage Bonds: -3bp

Sorry for the delay of today’s report, but you can blame Ocean Air for breaking their plane on the runway (no one hurt fortunately), which caused a 5 hour delay.  Nevertheless, not much has changed as mortgage backed securities are still looking ugly.

MBS prices closed below their 50-day moving average yesterday and we now have that negative crossover of the 25-day moving below the 200-day moving average, which I talked about earlier this week.  Right now, the best it looks like we can hope for is a sideways trading pattern, but that may not even play out.

Certainly not helping the situation, Jobless Claims beat expectations again this week, coming in at 550K versus the consensus of 575K and bringing the 4-week moving average to 555.25K.  All eyes are now looking to tomorrow’s Jobs Jamboree, which if the results are like the ADP Employment Predicted, will add even more downward pressure on MBS prices and likely drive mortgage rates higher.

What does this mean for Florida Mortgage Rates?  Mortgage rates continue to climb, though they are holding fairly steady today as traders wait for tomorrow’s jobs data.

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