Florida Mortgage Rates – Morning Report

by Florida's #1 Mortgage Planner on July 21, 2009

Locking Stance: LOCKING    Mortgage Bonds: –12bp

Mortgage backed securities offered a brief chance to float yesterday, something not really unexpected, but they failed to show their strength and lacked determination in their attempts to break through the 200-day and 25-day moving averages.  That is not surprising considering the lack of news and what was actually driving MBS pricing higher, so here we are down again and still lacking that drive today and the main reason I held to my locking stance yesterday.

Today did see some minor economic reports released, but none which typically even affect the mortgage bond market at all, so we are left with direction provided by stocks and Big Ben Bernanke’s testimony on the hill today (which starts at 10:00).  A recap of yesterday shows that the LEI report did beat expectations and that the 3-month and 6-month T-Bill Auctions went well, though the bid/cover ratios dropped slightly and yields rose slightly also.

What does this mean for Florida Mortgage Rates?  Mortgage rates remain most favorable to rise for the foreseeable future.

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