Florida Mortgage Rates – Morning Report

by Florida's #1 Mortgage Planner on December 18, 2008

Locking Stance: LOCKING    Mortgage Bonds: -3bp

Mortgage backed securities are having a quiet day so far, certainly not a normal trading day for either market right now.  This morning is the last day this week with any data being released, and there is a big one in the mix.

We already saw the release of this week’s Initial Jobless Claims, which came in basically inline with expectations at 554K, versus expectations of 558K.  Coming up at 10am ET, we have the LEI and the major report of the day, the Philly Fed Index.  Both are expected to improve slightly, and while the LEI isn’t a major player, the Philadelphia Fed Index is and we could see some major movements if it is better than expected.

What does this all mean for Florida Mortgage Rates?  Quite simply, mortgage rates are still ripe for a corrective move higher.  Additionally, any potential moves lower from this point will likely be minimal due to lenders hedging against increased risks, so we are likely already seeing the lowest rates at the moment.

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