Florida Mortgage Rates – Morning Report

by Florida's #1 Mortgage Planner on January 30, 2009

Locking Stance: LOCKING    Mortgage Bonds: 0bp

This report is early since I will be in an airplane traveling back from Bolivia during the trading day.  Yesterday, we basically saw mortgage backed securities fall off a cliff, so there may be either more of the same, or a retracement, but overall things are looking rather ugly for mortgage rates.  Mortgage bonds closed down 78 basis points on what appears to be a lackluster Treasury Auction, not to mention the House’s passage of the $819B stimulus package without a single Republican voting for it.

Today, we will see the GDP data, along with the Employment Cost Index, Chicago PMI and Consumer Sentiment.  Chances are today will be an interesting play as data may continue to conflict with the direction mortgage bonds are headed.  I will try and shoot off a report tonight to recap today’s events.

What does this mean for Florida Mortgage Rates?  Apparently, not even the Fed has been able to keep mortgage rates from climbing, and while today may be beneficial, the longer term outlook is for higher mortgage rates.

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