Florida Mortgage Rates – Morning Report

by Florida's #1 Mortgage Planner on April 24, 2009

Locking Stance: LOCKING    Mortgage Bonds: –6bp

Mortgage backed securities had a pretty good day overall yesterday, but don’t let that fool you.  The move was not surprising as I have mentioned that they were poised to retest their 25-day moving average before beginning what I expect to be the downtrend in pricing (uptrend in mortgage rates).  MBS ended the day up 19 basis points.

Today holds a little more punch than yesterday as Durable Goods Orders hit the airwaves, the continued digestion of yesterday’s Treasury Announcement (more on its effects coming at Florida Mortgage Report), and New Home Sales.  Tim Geithner is set to speak at 4:30, just before the market closes, so last minute moves are likely as well.  Watch out for the break of the floorboards, as that may happen today.

What does this mean for Florida Mortgage Rates?  Quite simply, Florida Mortgage Rates are set to climb today and for the foreseeable future.

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