Florida Mortgage Rates – Morning Report

by Florida's #1 Mortgage Planner on May 19, 2009

Locking Stance: LOCKING    Mortgage Bonds: –3bp

Mortgage backed securities ended up falling yesterday, ending the day down 25 basis points.  That brought them back below their 50-day moving average, but their 100-day moving average held its ground.  As I mentioned yesterday, stochastic indications were turning negative and now that is officially the case.

As far as data goes, Housing Starts were released this morning, along with Building Permits, both of which have fallen, but that may be good news for the housing markets believe it or not.  Housing Starts came in well below expectations with a showing of 458K versus expectations of 540K and down from 510K.  Building Permits also dropped, coming in at 494K after last month’s 513K showing.  Later on today there is a Treasury Auction, though not one that will likely affect the markets.  Gary Stern will be speaking at 1:15, and that may be the momentum maker of the day.

What does this mean for Florida Mortgage Rates?  Once again, mortgage rates may hold steady, but the outlook remains most favorable for higher mortgage rates.

Leave a Comment

Previous post:

Next post: