Florida Mortgage Rates – Morning Report

by Florida's #1 Mortgage Planner on June 8, 2009

Locking Stance: LOCKING    Mortgage Bonds: –6bp

Mortgage backed securities are already off their highs for the day as they opened higher on the basis that stock futures were lower.  There is not much going on today, except for some short-term Treasury Auctions this afternoon, so technical factors and news will be the driving force  That basically means there is some room for improvement, but don’t expect any changes in the overall direction of mortgage rates.

As we look at the charts, the 200-day moving average has been broken and is now resistance.  While stochastics have moved into the oversold spectrum, a positive crossover has not yet occurred and the correction move that is needed may not happen today.  As mentioned above, the downtrend that is now full established will remain intact, at least for now.

What does this mean for Florida Mortgage Rates?  Quite simply, don’t bet on mortgage rates going any lower today, and though a brief and slight drop in mortgage rates will occur, they may not go any lower than they are right now and it is not worth the risk.

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