Florida Mortgage Rates – Morning Report

by Florida's #1 Mortgage Planner on April 22, 2009

Locking Stance: LOCKING    Mortgage Bonds: 0bp

Mortgage backed securities bounced around a lot yesterday, ultimately ending the day down around 13 basis points.  This morning has already seen some interesting news, which I will get into in a moment, but even Geithner is now sawing that mortgage rates have already hit the “Fed goal”.

Today doesn’t hold much in the way of data, just this morning’s MBA Purchase Applications report, which showed another week of dropping mortgage applications.  In about a half hour, Crude Inventories will be released as well.  Neither really play much into the markets, at least not directly.

The biggest news on the day is that Treasury Secretary Geithner stated that the Fed has achieved its goal of lowering mortgage rates through the direct purchasing of MBS (market manipulation).  He even went on to say Americans should refinance while rates are low.  Sound familiar?

What does this mean for Florida Mortgage Rates?  With even the government saying that you should refinance now (since they are the ones propping the markets), maybe you should.  Mortgage rates remain poised to improve slightly, but then begin their uptrend.

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