Florida Mortgage Rates – Morning Report

by Florida's #1 Mortgage Planner on March 23, 2009

Locking Stance: CAUTIOUSLY FLOATING    Mortgage Bonds: +6bp

Mortgage bonds will likely hold their ground today as data plays are essentially non-existent with the only one being the already released Existing Home Sales, which was higher than expected, marking what could very well be the bottom of the housing market.  The data showed a monthly increase of 5.1% which brings the annual rate up to –4.6%.  If you have been afraid of losing money in real estate, you better get off the fence as prices may even start moving higher soon.

The only other players, besides technicals, will be the Treasury Auctions this afternoon.  I expect that since we are around the 50% retracement level, mortgage backed securities will hold their ground today, making only slight moves higher (or even lower) today.

What does this mean for Florida Mortgage Rates?  Expect mortgage rates to hold steady for the foreseeable future.  The long term picture remains uncertain, but should solidify in the next day or two.

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