Florida Mortgage Rates – Morning Report

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

Locking Stance: LOCKING    Mortgage Bonds: –37bp

Yesterday was a wild ride to say the least, one where you could have done well if you timed it just right, but that is very difficult to do, and they ended they day in the negative.  As expected, today is testing the 200-day moving average to see if it can hold as support, and I question its ability to do so, though MBS pricing has rebounded from being below it earlier in the day.  This afternoon’s Treasury Announcements may be the key factor in whether or not they can hold and truly break the trend.

Jobless Claims were released this morning, and finally we had a basically inline report, coming in at 608K versus 610K, and that brings the 4-week moving average down to 615.75K.  We are also in the early stages of Tim Geithner’s speech.  Leading Indicators and the Philadelphia Fed Survey are up in about 20 minutes, so mortgage backed securities may see a lot of pressure today.  The final test will be the multiple Treasury Announcements coming at 11:00 ET.  Whatever motion is set in play today will likely carry through tomorrow as there is a lack of data tomorrow.

What does this mean for Florida Mortgage Rates?  Mortgage rates will be under pressure today to rise today.  The future remains uncertain still, though we may have a good idea by the end of the day.

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