Florida Mortgage Rates – Morning Report

by Florida's #1 Mortgage Planner on July 9, 2008

Locking Stance:  LOCKING     Mortgage Bonds:  +6bp

Mortgage bonds had a very good day yesterday which was not unexpected once they broke their resistance, which was due to Bernanke’s speech.  Bonds ended the day up an impressive 66bp.

Today, bonds are slightly higher on news from Iran.  Iran’s test firing of missiles is sending oil higher and that is benefiting bonds.  I am switching back to a locking stance as bonds are approaching overhead resistance and stochastics are entering an overbought state.  Simply put, the recent run up is going to require a correction soon.

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