Florida Mortgage Rates – Morning Report

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

Locking Stance: CAUTIOUSLY FLOATING    Mortgage Bonds: +9bp

I made it back to the office and will be running normal reports the remainder of the week, actually the year based on my current schedule.  As I mentioned yesterday, I was only in a locking stance due to the volatility of the market and my inability to post reports regularly to keep you “in the know”, but also informed you that floating may prove beneficial and that is the case.

No data is scheduled today that would normally impact the markets, so technical indications and news will again be in control.  Mortgage bonds had an up and down day yesterday, but ended flat nonetheless and that may have spelled the end of the pullback, though more may be in store as stochastics still lean towards overbought (no major concern right now).

We have to use caution right now as mortgage bonds are pushing against strong resistance once again, testing the highs of September.  If they manage to break that level, the highs of the year are right behind that, so absent of data, the ability to move higher may prove inadequate.  Then Friday, we have Retail Sales, so we have what we need even if news doesn’t do the trick.

What does this all mean for Florida Mortgage Rates?  In the short term, caution remains, but the long term looks like we will see lower mortgage rates, so floating will remain the better choice if you have the time and are willing to take the risk. 

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