Florida Mortgage Rates – Morning Report

by Florida's #1 Mortgage Planner on December 23, 2008

Locking Stance: LOCKING    Mortgage Bonds: -3bp

I decided to wait until the final set of economic data was released today because there just isn’t much happening right now as trading volume remains low due to the holiday season.

GDP was released about 1.5 hours ago and came in inline with expectations of -0.5%.  The GDP Chain Deflator was slightly lower than expectations, coming in at 3.9% versus 4.2%.  Home prices continue to fall as Existing Home Sales fell 8.6% and New Home Sales fell 2.9%.  Existing Home Sales came in below expectations with 407K versus expectations of 415K.  New Home Sales also came in below expectations with 4.49M versus 4.93M.  The surprise is that Consumer Sentiment beat expectations even with continued dismal numbers, having come in at 60.1 versus expectations of 58.6.

What does it mean for Florida Mortgage Rates?  Overall, it is not going to change the current picture, which is mortgage rates remaining steady or moving slightly higher for the foreseeable future.

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