Florida Mortgage Rates – Morning Report

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

Locking Stance: CAUTIOUSLY FLOATING    Mortgage Bonds: +3bp

Mortgage bonds ended the week at the highest level in over two years and that puts them in a good position to keep pushing mortgage rates even lower, just as I had been saying all last week.  This week could see mortgage rates fall further, and there will be plenty of data that could make that happen.  I will be uploading the Mortgage Market Update at Lenderama shortly.

As for today, we have already seen the Empire State Index, which came in better than expectations at -25.8 versus -27.0.  President Bush is stating that the auto bailout which passed the House, but not Senate last week, is “not imminent”.  The G.17 Industrial Production report was released which includes Industrial Production and Capacity Utilization, both coming in below expectations.  Industrial Production was at -0.6% and Capacity Utilization was at 75.4%, a level 5.6 percentage points below its average from 1972 – 2007.

What does this all mean for Florida Mortgage Rates?  We may still get some glitches in the movement of mortgage rates, however, overall the direction of movement is still favoring lower mortgage rates.

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