Florida Mortgage Rates – Morning Report

by Florida's #1 Mortgage Planner on February 5, 2009

Locking Stance: LOCKING    Mortgage Bonds: +9bp

Mortgage bonds ended the day fairly flat, only 3 basis points higher as the markets closed, and that left mortgage rates unchanged, though the day was fairly volatile.  Volatility may be seen again today, as some data plays are released.

This morning already saw the Jobless Claims numbers, which were worse than expected, coming in at 626K and brought the 4-week average up to 582.25K.  The numbers represent the worst we have seen since the early 80s.  Productivity blew away expectations, coming in at 3.2% versus the expected 1.0%, while Unit Labor Costs came in below expectations.  We still have Factory Orders at 10:00 and Money Supply at 4:30.

What does this mean for Florida Mortgage Rates?  Mortgage rates are holding steady right now, despite the favorable data.  Where they go today will largely be dependent on stocks.  The bigger picture still favors higher mortgage rates without government intervention.

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