Florida Mortgage Rates – Morning Report

by Florida's #1 Mortgage Planner on January 26, 2009

Locking Stance: LOCKING    Mortgage Bonds: -3bp

Mortgage backed securities had a bad week last week as mortgage rates climbed about .25% overall.  This week promises to be another interesting one, which I break down in this week’s Mortgage Market Update.

The data plays of the day are already out, with the exception of the Treasury Auctions later today.  Existing Home Sales beat expectations, coming in at 4.740M, versus 4.400M.  The month-month change was 6.5%, and the year over year was still negative at -3.5%.  Leading Indicators (LEI) also was released a moment ago, which blew away expectations of -0.3% by coming in at 0.3%.  Both of these data plays beat expectations and that will pressure mortgage backed securities.

What does this mean for Florida Mortgage Rates?  With the data released this morning, along with the growing concerns surrounding inflation and the upcoming added supply via Treasuries, mortgage rates are most likely to climb.

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