Florida Mortgage Rates – Morning Report

by Florida's #1 Mortgage Planner on February 12, 2009

Locking Stance: LOCKING    Mortgage Bonds: -3bp

Mortgage bonds had a fairly wild ride yesterday, having traded within a 41 basis points range, from -25bp to +16bp.  They did manage to shrug off both sides and end flat on the day even with the Treasury Auction and stimulus package passing the Senate.

Today has already seen the major players in the data equation.  We saw Retail Sales beat expectations for the first time in seven months, and quite considerably at that.  Retail Sales numbers were 1.0% versus expectations of -0.8%, and even when you take out autos they were good, coming in at 0.9% versus the -0.5% expected. 

Jobless Claims, however, were once again higher than expected, coming in at 623K versus 610K expected, and the prior week’s numbers were revised higher.  That brings the rolling 4-week average up to 607.5K, breaking through 600K for the first time since the early 1980s.  Continuing claims rose to a record 4.81 million.

What does this mean for Florida Mortgage rates?  Mortgage rates will continue to find themselves under pressure to rise and will do so unless the government makes good on their promises.

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