Florida Mortgage Rates – Morning Report

by Florida's #1 Mortgage Planner on March 16, 2009

Locking Stance: LOCKING    Mortgage Bonds: –9bp

Mortgage backed securities are going to be under pressure today in all likelihood.  No major data is slated for today, just this afternoon’s Treasury Auction and this morning’s already released data.

The Treasury International Capital report showed what I expected, a significant decrease in foreign participation in long term Treasuries, which will likely spillover into MBSes as well.  Mortgage bonds are currently trapped in a sideways pattern between their 25-day and 50-day moving average.  Stochastics are moving into an overbought condition, but the Fed has stepped up their overall MBS purchasing to maintain stable mortgage rates.  You can read more about what to expect over at Lenderama in this week’s Mortgage Market Update.

What does this mean for Florida Mortgage Rates?  Expect mortgage rates to be under pressure today and maybe for the rest of the week.  The long term outlook is not certain at the moment.

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