Florida Mortgage Rates – Morning Report

by Florida's #1 Mortgage Planner on June 15, 2009

Locking Stance: CAUTIOUSLY FLOATING    Mortgage Bonds: +41bp

Mortgage backed securities are continuing their corrective move higher and that allows the opportunity to float if you haven’t locked your mortgage rate yet.  Don’t expect this move to last much longer, so be ready to lock that loan very quickly was the correction ends.

Already this morning, we have seen Charles Evans speak about the current crisis, and the Empire State Manufacturing Survey was released, coming in below expectations (-9.4 versus –2.0).  That is allowing mortgage backed securities to continue their climb for the moment.  This afternoon will see some short-term Treasuries auctioned off, though that should not weigh heavily on the markets.  The real test for mortgage rates will begin tomorrow as inflation makes its way to the forefront.

What does this mean for Florida Mortgage Rates?  Mortgage rates should improve a little today as their correction continues.  The overall outlook remains most favorable for higher mortgage rates.

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