Florida Mortgage Rates – Morning Report

by Florida's #1 Mortgage Planner on February 26, 2009

Locking Stance: LOCKING    Mortgage Bonds: 0bp

I wish I could say it wasn’t expected, but mortgage bonds tanked and sent mortgage rates higher yesterday afternoon with as the results of the 5-year T-Note Auction were shown.  The added supply certainly didn’t help, but mortgage backed securities didn’t like the outcome either.  Today promises more of the same in all likelihood.

Data plays for today include this morning’s Jobless Claims, which were worse than expected as well as Durable Goods, also worse.  Jobless Claims were horrible, coming in at 667K, far below expectations of 625K.  Durable Goods came in at -5.2%, also far below expectations of -2.5%.  Or did the data inserter become dyslexic?  We still have New Home Sales in just under an hour, which is likely to be bad as well after yesterday’s dismal Existing Home Sales.  So far, mortgage bonds have shrugged off all of the bad news and keep falling, driven lower by their 25-day moving average. 

What does this mean for Florida Mortgage Rates?  Expect mortgage rates to continue to slowly climb for the foreseeable future.

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