Florida Mortgage Rates – Morning Report

by Florida's #1 Mortgage Planner on December 12, 2008

Locking Stance: CAUTIOUSLY FLOATING    Mortgage Bonds: -9bp

I finally got to the hotel and settled in to review the markets.  Mortgage bonds are having another up and down day, flipping either side of the flatline. 

This morning saw the Retail Sales figures, along with the PPI report and Consumer Sentiment.  Retail Sales was -1.8%, only -1.6% excluding auto, representing a greater than expected drop overall, but a slightly better then expected drop when autos are removed.  PPI was lower than expected on both the overall and core levels, helping diminish inflationary fears.  Consumer Sentiment was much better than expected, coming in at 59.1 versus expectations of 55.0.

What does this all mean for Florida Mortgage Rates?  Mortgage rates will likely tick slightly higher today, maybe slightly better with some lenders that re-priced yesterday.  The short term, with mortgage backed securities again failing to break resistance, look like they may tick higher still.  The longer term picture is a little less certain than it was, but remains favoring lower mortgage rates, or at least another attempt to break lower.

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