Florida Mortgage Rates – Morning Report

by Florida's #1 Mortgage Planner on April 3, 2009

Locking Stance: LOCKING    Mortgage Bonds: -9bp

Mortgage backed securities dropped and tested support yesterday and even dropped well below support already today, but have since shown that this support layer may actually have become resistance already as they have rebounded above and subsequently pulled back.  Personally, I don’t like the looks of it and will err on the cautious side of things for now.

Today was the Jobs Jamboree, the multitude of reports that cover the Employment Situation.  As the numbers were released, they are were basically inline with expectations, with the following breakdown:

Actual Expected
Nonfarm Payrolls 663,000 650,000
Unemployment Rate 8.5% 8.5%
Hourly Earnings 0.2% 0.2%
Average Work Week 33.2 33.3

As the remainder of the day unfolds, mortgage bonds may see a more solid direction of movement as Ben Bernanke is set to speak at high noon.  We also will see the ISM Services Index released as well as a speech by Donald Kohn.  The likelihood is the market will wait on Big Ben for any real direction today.

What does this mean for Florida Mortgage Rates?  Expect mortgage rates to be slightly higher today than yesterday, but they will likely hold steady for the remainder of the day, at least until Big Ben opens his mouth.

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