Florida Mortgage Rates – Evening Report

by Florida's #1 Mortgage Planner on July 29, 2008

Locking Stance:  LOCKING     Mortgage Bonds:  -16bp

Mortgage bonds rebounded well off their lows, but are still far from showing signs of any real strength.  As more data flows in tomorrow, including the Chicago PMI and the ECI (Employment Cost Index), we are going to see bonds move.

Looking at the charts, yesterday’s high was lower than the prior peak, and even with bonds rebounding today, they are still lower yet.  Stochastics point to lower prices as well.  The only good news is the shooting star that formed today.

As the data releases tomorrow, I will change my position if warranted, but right now, the odds point to lower prices tomorrow.

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