Florida Mortgage Rates – Morning Report

by Florida's #1 Mortgage Planner on January 23, 2009

Locking Stance: LOCKING    Mortgage Bonds: -3bp

Yesterday saw only a slight improvement in mortgage rate pricing, with mortgage backed securities ending the day up 12 basis points in another volatile trading session.  The EIA Petroleum Status Report came in with inventories much greater than expected and that sent oil prices lower immediately after the release.  Money Supply for the week 1/12 saw M2 increase $8.0B.  Additionally, we saw that the Fed is keeping their promise still and buying up MBS, though still behind the average pace expected.

Mortgage bonds are again seeing selling pressure and it appears there will be yet another volatile day as the Fed battles market forces in their attempts to artificially keep mortgage rates low.  Today is absent economic data again, except for the EIA Natural Gas Report, which doesn’t normally affect the mortgage market.  You can expect stocks to be a large driving force in the direction mortgage rates move today.

What does this all mean for Florida Mortgage Rates?  Mortgage rates will once again remain fairly steady as market forces try and drive them higher and the Fed continues to try to drive them back lower.

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