Florida Mortgage Rates – Morning Report

by Florida's #1 Mortgage Planner on July 16, 2009

Locking Stance: LOCKING    Mortgage Bonds: +31bp

Mortgage backed securities opened higher this morning after yesterday’s selloff.  They are still below their 25-day and 200-day moving averages, so it will be interesting to see if these levels turn into resistance today or not.

As for data, we have another big one coming up at 10:00, the Philadelphia Fed Survey.  If this report continues the trend of better than expected news surrounding the economy, MBS pricing will most likely falter and the resistance formed.  In the meantime, traders are still digesting the fact another Jobless Claims report came in better than expected.  This morning’s Jobless Claims numbers came in at 522K versus estimates of 535K and the 4-week moving average is down to 584.5K.  Continuing claims fell 642K to 6.273M.  Most of the data was due to seasonal adjustments.  There are some other minor bits of data due to be released such as the Housing Market Index due out at 1pm.

What does this mean for Florida Mortgage Rates?  Mortgage rates are slightly lower this morning compared to yesterday afternoon, however things can change after 10am, if not sooner.

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