Florida Mortgage Rates – Morning Report

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

Locking Stance: CAUTIOUSLY FLOATING    Mortgage Bonds: +6bp

Mortgage backed securities managed to get back above their 25-day moving average and the picture is once again looking pretty good.  Amazing the difference a day makes sometimes.  And so far this morning we are seeing mortgage bonds hold on, even tick slightly higher, despite the Retail Sales figures released this morning.

That’s right, Retail Sales beat expectations, another indication that the economy may be beginning to stabilize and may even be turning around as has been predicted before the end of 2009.  The bad news is the Democrats, led by Nancy Pelosi, are talking about yet another stimulus package, even on the heels of Barack Obama’s passage of a pork laden spending bill ($410B), breaking his campaign promises of reduced government spending (didn’t see that one coming, did you?).  I will be uploading a post about the costs of these bailouts over at Florida Mortgage Report later today or tomorrow.

Other data today included the weekly Jobless Claims numbers, which again were higher than expected, coming in at 654K.  Business Inventories will be out around 10:00, but the next real player is this afternoon’s 30-year Treasury Bond Auction, which could pressure MBS pricing lower.  We will also see the latest Money Supply numbers at 4:30.

What does this mean for Florida Mortgage Rates?  With them holding their ground above their 25-day moving average, you can expect mortgage rates to be fairly steady with the potential of lower rates in the future now back in the picture.

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