Florida Mortgage Rates – Morning Report

by Florida's #1 Mortgage Planner on July 23, 2008

Locking Stance:  LOCKING     Mortgage Bonds:  +9bp

Mortgage bonds are off to a good start today and are currently up 9 basis points, certainly not a move that justifies a change of stance, at least not yet.  There is some data slated for release today, so a move higher (or lower) may occur as a result, but the bigger news is more government intervention.

With the impending collapse of Fannie Mae and Freddie Mac, and our leading Democrats saying they cannot let them fail, the Congress is set to vote on a "housing market rescue" bill which would give the GSEs access to unlimited cheap capital, you know, your hard earned money.

I will keep you posted as things develop, but I do not expect much movement until this afternoon, unless the bill goes forth earlier.  The Beige Book is due out at 2pm, and the markets tend to react upon its release.

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