Florida Mortgage Rates – Morning Report

by Florida's #1 Mortgage Planner on July 6, 2009

Locking Stance: CAUTIOUSLY FLOATING    Mortgage Bonds: +3bp

Mortgage backed securities are already off their lows and are looking to rise to retest their overhead resistance, allowing at least a brief opportunity for mortgage rates to improve.  With the only bit of data already released, this afternoon’s Treasury auctions will be the only market force beyond news.

The ISM Services Index was released about an hour ago and was inline with slightly better than expectations (47.0 versus 46.7), and again shows a slowing rate of contraction in the sector, though still a contraction.  This afternoon will see Treasury Auctions of the weekly 3-month and 6-month T-Bills, and more importantly for MBS pricing is the 10-year TIPS auction.

What does this mean for Florida Mortgage Rates?  Currently, it looks as though mortgage rates should see at least some improvement and the outlook appears to favor mortgage rates holding fairly steady or possibly even heading lower.

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