Florida Mortgage Rates – Morning Report

by Florida's #1 Mortgage Planner on July 16, 2008

Locking Stance:  LOCKING     Mortgage Bonds:  -25bp

Mortgage bonds ended the day fairly well yesterday, only being down 12bp by the close.  However, the pattern forming was looking rather gloomy, and today solidifies that pattern more.

Today, we saw a different picture on the inflation front, as CPI was higher than expected.  If you remember, as data flowed in last month, I said to take it with a grain of salt as the numbers were misleading.  Today’s numbers show inflation above expectations, even at the core level…

CPI = 1.1% versus 0.7% expected

Core CPI = 0.3% versus 0.2% expected.

You can expect those numbers to grow next month as well as the trickle down combination of Fed actions flows through to the consumer.  More data will be flowing in a few minutes, but the next big item is this afternoon’s FOMC Minutes (2pm).

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