Florida Mortgage Rates – Morning Report

by Florida's #1 Mortgage Planner on March 18, 2009

Locking Stance: LOCKING    Mortgage Bonds: +3bp

Mortgage backed securities are up today on not so good inflationary data found in this morning’s CPI report.  The overall CPI came in worse than expected at 0.4% for the month and 0.1% for the year.  So much for deflation, huh?  The Core CPI was inline with expectations at 0.2%, but was above on the yearly rate with a showing of 1.8%.  The next major view on inflation will be the PCE data.

MBA Purchase Applications was also released this morning and it showed another increase in mortgage applications, including with refinances.  All eyes are on the Fed, particularly their Policy Statement, which I will decode at Florida Mortgage Report later.   With MBS now trading close to the top of the trading range, odds are against them and if the Fed’s acknowledge the economic recovery as a potential soon, watch out.

What does this mean for Florida Mortgage Rates?  Mortgage rates will likely remain stable today, at least until the Fed releases their Policy Statement and Rate Decision. 

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