Florida Mortgage Rates – Morning Report

by Florida's #1 Mortgage Planner on July 10, 2009

Locking Stance: CAUTIOUSLY FLOATING    Mortgage Bonds: +38bp

Mortgage backed securities fell yesterday, ending the day down 34 basis points.  The monthly bond rollover occurred yesterday and that made MBS Pricing look like it dropped 81 basis points since the monthly rollover was -47bp.  If you look at the charts, it looks worse than it really was yesterday.  Nevertheless, mortgage bonds are higher out of the starting gate this morning.

Data this morning included the International Trade report, and that is broken down into the Balance of Trade.  The Blance of Trade came in better than expected with a showing of $-26.0B versus expectations of $-28.8B.  The report consisted of a mixed bag of news, with good news being that exports increased and the bad news being that imports decreased.  In just over half an hour, we will see the big player of the day, Consumer Sentiment, and that could bring some changes to the direction mortgage rates are headed.

What does this mean for Florida Mortgage Rates?  Mortgage rates will likely hold their position today, maybe improve slightly.  The overall trend remains that mortgage rates will move lower, if not remain steady.

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