Florida Mortgage Rates – Morning Report

by Florida's #1 Mortgage Planner on April 21, 2009

Locking Stance: LOCKING    Mortgage Bonds: +9bp

Mortgage backed securities managed a little more gains as the day finished, but they failed to close above their 25-day moving average.  Even this morning’s attempts to break through have not held, and that keeps me from changing stances right now.

There is nothing from the data front today, though there is a short term Treasury Auction (4-week T-Bill).  The main focus of the day will be on a speech by Tom Hoenig that just started, and more importantly, Tim Geithner’s (Treasury Secretary) TARP discussion with Congress, which also just started.  If either speech, or something else in the news, can get mortgage bonds to hold above their 25-day moving average, the outlook could change, but for now it remains apparent mortgage rates will not move significantly lower.

What does this mean for Florida Mortgage Rates?  Again, ever so slightly better mortgage rates this morning compared to yesterday (only the pricing and not really the rate).  The outlook remains unfavorable and will remain so unless something can give more of a boost to the markets.

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