Florida Mortgage Rates – Morning Report

by Florida's #1 Mortgage Planner on December 11, 2008

Locking Stance: CAUTIOUSLY FLOATING    Mortgage Bonds: +22bp

Initial Jobless Claims came in a lot worse than expected at 573K, 58K higher than last week and at a 26-year high.  Mortgage backed securities have obviously pushed higher as a result but have already been beaten back down by another resistance layer, which is the highest closing of the year. 

Mortgage bonds have reached new heights intraday already this year, but have yet to close at new highs.  As I mentioned yesterday, traders may not want to break mortgage backed securities through their ceiling until they have seen the Retail Sales figures, which are due out tomorrow.  The day is young and it may still happen.

What does it all mean for Florida Mortgage Rates?  You can expect mortgage bonds to keep bouncing against resistance today, so there will likely be slightly better mortgage rates this morning.   I think tomorrow will be the more telling day, as mortgage rates react to the Retail Sales data.

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