Florida Mortgage Rates – Midday Report

by Florida's #1 Mortgage Planner on February 22, 2010

Locking Stance: CAUTIOUSLY FLOATING    Mortgage Bonds: +12bp

Mortgage backed securities have bounced off support and MBS prices are edging higher, certainly good news for mortgage rates.  However, this move is most likely nothing more than the next corrective move, so do not take my change of stance as any sign of hope.  Rather, if you haven’t locked yet, the next few days may offer slightly better mortgage rates than today, but expect to see me back in a locking stance fairly soon.

There is no data on the docket today, but there are the usual short-term Treasury auctions, along with the 30-year TIPS auction.  We also saw San Francisco Federal Reserve President Janet Yellen speak at the University of San Diego.  Overall, do not expect much movement unless this afternoon’s Treasury Auctions throw in a curve ball.

What does this mean for Mortgage Rates?  Chances are mortgage rates will hold fairly steady today, though today’s Treasury auctions may move the markets.  Right now, the short-term outlook allows for slightly better mortgage rates, but the long-term outlook points toward higher mortgage rates still.  Lock your mortgage rate unless you are willing to take some risk for a slightly better mortgage rate.

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