Florida Mortgage Rates – Midday Report

by Florida's #1 Mortgage Planner on November 4, 2009

Locking Stance: LOCKING    Mortgage Bonds: –3bp

I delayed this morning’s report for a couple of reasons.  One, I wanted to report all of this morning’s data.  two, I was moving my office this morning and still do not have the internet here, so I am working from my laptop and tethering my phone.

As for the data, here is the quick down and dirty.  Refinance Applications rose 14.5% while Purchase Applications dropped 1.8%, making Refinance Applications about 66% of all mortgage applications.  The ADP Employment Report forecasted a better than expected Jobs Report for Friday, and that shook the markets initially.  The ISM Services Index was below expectations at 50.6 and Crude Inventories were down 4.0M barrels, sending oil prices higher.  Gold is also moving higher today and that could add to inflationary fears.

Looking at the charts, the negatives are again outweighing the positives as MBS prices have fallen below their 50-day moving average and out of their recent narrowing trading gap.  They are currently finding support at their 200-day MA, but the 50-day MA is also acting as resistance and may continue to do so, which will likely result in higher mortgage rates down the road.

What does this mean for Florida Mortgage Rates?  Mortgage rates are edging higher once again, as expected.  The outlook is also favoring higher mortgage rates for the foreseeable future.

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