Florida Mortgage Rates – Midday Report

by Florida's #1 Mortgage Planner on November 9, 2009

Locking Stance: CAUTIOUSLY FLOATING    Mortgage Bonds: +12bp

Well, you have to love technology.  I actually changed my stance shortly after my post on Friday, however I was down in Brasil and lost the internet as I was writing the Midday Report.  Mortgage backed securities managed to edge higher still after I did the Morning Report, and that move turned what was a negative looking picture into a positive one very quickly, favoring lower mortgage rates. 

MBS prices continue to move higher and the outlook is now for lower mortgage rates for the foreseeable future.  There are several positive signs in the charts, and not just based on the recent breakout.  Stochastic indications are good and allow for continued movement higher, though a retracement will be need at some point.  Moving averages are moving toward positive crossovers with the 10-day MA already crossing the 25-day MA.  Data will be fairly scarce this week, but there are several Treasury Auctions that may affect the markets, including today’s just released 3-year Treasury Note auction.  Results of recent Treasury auctions have seen strong demand, though demand dropped off for the longer-term auctions, so the upcoming 10-year T-Note and 30-year T-Bond auctions will certainly be ones to watch.  You can read my weekly Mortgage Market Update over at Lenderama for more insight into the future.

What does this mean for Florida Mortgage Rates?  As happens occasionally, things change quickly and the future favors steady to lower mortgage rates. 

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