Florida Mortgage Rates – Morning Report

by Florida's #1 Mortgage Planner on March 25, 2009

Locking Stance:  LOCKING    Mortgage Bonds: –3bp

Mortgage backed securities made a comeback yesterday after their dive below support, but I am still not satisfied enough to change stances again.  The Treasury Auctions went well overall again with good bid-to-cover ratios and yields falling slightly.  As the week progresses from here, data will start flowing again and we the winds of change may begin to play out.

Speaking of data, this morning already saw the Durable Goods Orders and guess what, they came in much better than expected, more signs of the potential economic recovery beginning.  Durable Goods actually came in at 3.4% versus expectations of –2.5%.  When you remove transportation from the mix, it was up 3.9%.  We still have New Home Sales (expect to beat expectations) and Crude Inventories to go, along with several speeches that may affect the markets today.

What does this mean for Florida Mortgage Rates?  Expect mortgage rates to come under pressure today and struggle to remain steady, although the Fed has plenty of money to buy mortgage bonds as need be.

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