Florida Mortgage Rates – Morning Report

by Florida's #1 Mortgage Planner on May 18, 2009

Locking Stance: LOCKING    Mortgage bonds: +6bp

Mortgage bonds are managing a slight rally today, but overhead resistance is still preventing any real gains and continues to fend off their attacks.  As stochastics play out, a negative crossover pattern is forming, which signals the potential for MBS pricing to fall from here, and it appears that most likely mortgage backed securities will do just that and remain in their current sideways trading pattern.

There are no data plays today and the only event that may cause ripples, besides news, is this afternoon’s Treasury Auctions.  Treasuries are again minimal this week, which helped mortgage rates last week and may aide them again this week as supply is not “flooding” the markets.  You can check out the week’s forecast over at Lenderama.

What does this mean for Florida Mortgage Rates?  Rates may hold steady today, but the outlook for the next few days is likely slightly higher mortgage rates.

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