Florida Mortgage Rates – Morning Report

by Florida's #1 Mortgage Planner on February 24, 2009

Locking Stance: LOCKING    Mortgage Bonds: +9bp

Mortgage bonds failed to rally again yesterday, despite the DJIA falling 250 points.  All they could muster was a measly 3 basis points.  That is not a good sign for the future of mortgage rates.  But today is another day as Ben Bernanke himself will try to talk up the markets and may even throw some more money at the issue as he testifies to the Senate today, and the House tomorrow.  Will it be enough or will traders see through the BS and keep reality in the markets?

Data for today has already presented itself.  Consumer Confidence fell to just 25.0, way below expectations of 35.0 and that means that darn near everybody has little, if any confidence, in the direction our government is taking us, and rightfully so.  One can only hope that will stop buying into the “golden rule” and start listening to the masses, all of which tell them they are screwing up things big time.  If Congress was a waiter, he would be saying “Would you like a side of hyper-inflation with your job loss and reduced fat retirement?”

What does this mean for Florida Mortgage Rates?  Continue to expect mortgage rates to hold steady as Bernanke tries to talk up the markets.  Unless he and his buddies can get mortgage backed securities pricing to break through resistance today or tomorrow, mortgage rates should be back on the rise.

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