Florida Mortgage Rates – Morning Report

by Florida's #1 Mortgage Planner on April 2, 2009

Locking Stance: LOCKING    Mortgage Bonds: –9bp

Mortgage backed securities are off their worst levels of the day at the moment, having dropped out of the starting gate and rebounding on the heals of a worse than expected Jobless Claims report.  There will be more data and speeches today, so the market ill have plenty of time to move either direction.

Jobless Claims came in at 669K, versus expectations of 655K, and that brought the rolling 4-week average up to 656.75K, certainly not a pretty picture for the jobs front.  But did you really expect much different? 

Thomas Hoenig is set to speak in 18 minutes (9:30), as the stock markets ring the opening bell.  The G20 is under way in London and the Euro is off to the races as the ECB cut rates less than expected.  Fortunately, the data plays today are light ones, with Factory Orders and Money Supply showing up as the day progresses.  Eyes will be focused on the G20 and what stocks do as they react as well.  We will also receive the weekly Fed MBS purchasing extravaganza report.

What does this mean for Florida Mortgage Rates?  Expect more pressure to remain despite this morning’s Jobless Claims numbers.  The Fed is likely stepping up their MBS purchasing, so mortgage rates will hold fairly steady overall.

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