Florida Mortgage Rates – Morning Report

by Florida's #1 Mortgage Planner on May 21, 2009

Locking Stance: LOCKING    Mortgage Bonds: 0bp

You saw my attempt to update you via my Blackberry’s Internet access due to the fact I left my Internet cable at my desk, but at least you got the message that I was changing stances at the time.  Mortgage Backed Securities managed a 28 basis point gain yesterday and that broke through the 25-day and 50-day moving averages.  Remember that I said volatility this week would be increased, and that tends to throw things off a bit.

This morning, I am going back to my LOCKING stance due to a couple of things.  One, I will be flying most of the day, though I will post quick updates via my personal Twitter account:  http://twitter.com/floridacmps, so you may want to follow me there if you are not already.  The other reasons for my change back to a LOCKING stance are that today will be the biggest data play of the week, with Jobless Claims, LEI, and especially the Philadelphia Fed Index all being released this morning.  Adding to the potential danger for MBS pricing today is the Treasury Auctions Announcement this afternoon.  With the potential for traders to react to the coming “flood” of Treasuries, we may very well see MBS pricing falter on this news.

What does this mean for Florida Mortgage Rates?  While we did see mortgage rates edge slightly lower yesterday, that momentum may not carry forward and we may even see mortgage rates climb today.

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