Florida Mortgage Rates – Morning Report

by Florida's #1 Mortgage Planner on April 13, 2009

Locking Stance: LOCKING    Mortgage Bonds: +12bp

Sorry for the dropoff last week of reports, but I needed a break from what I went through and spent a couple of days offline.  That being said, I was in a locking stance and say no reason to change it or I would have made sure to post something.  I do hope everyone had a good Easter weekend.

On to this week, we will have a data filled week ahead, though today will be benign.  The markets will continue to react to the news of late last week and any changes over the weekend, none of which are helpful to mortgage rates.  Mortgage backed securities dropped below their 25-day moving average and a new downtrend may be in the beginning stages, which I mentioned may happen in last week’s Mortgage Market Update at Lenderama.

I posted this week’s Mortgage Market Update and the outlook remains the same, that the downtrend may be beginning if MBS pricing fails to climb back above their 25-day moving average.  It will be an interesting week to say the least.  With the Fed stepping up their MBS purchasing to record levels and still seeing mortgage rates tick higher, hopes for those 4.5% mortgage rates are dwindling.

What does this mean for Florida Mortgage Rates?  Mortgage rates should hold fairly steady today, but the future is not so bright.

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