Florida Mortgage Rates – Morning Market Report

by Florida's #1 Mortgage Planner on September 15, 2008

Locking Stance:  CAUTIOUSLY FLOATING     Mortgage Bonds:  +69bp

I just posted the Mortgage Market Update over at Lenderama, so you may want to check it out.  Meanwhile, greetings from Santiago, Chile and I am awaiting a visit from Hugo Chavez later today (he is staying at my hotel here).

Mortgage bonds gapped higher at the open on news from Lehman has filed for bankruptcy (another Fed bailout coming up?) and that Bank of America will buy out Merrill Lynch.  Add to the mix that oil prices are dropping and stocks falling and you can see why bonds are in rally mode right now.

Technicals still show an uptrend, stochastics still show overbought, though out of the warning area, and all things look good for mortgage rates to fall further over time.  That being said, with this kind of a move higher, just like last week’s, a retracement is likely to occurr, hence the caution.

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