Florida Mortgage Rates – Morning Report

by Florida's #1 Mortgage Planner on July 24, 2009

Locking Stance: LOCKING    Mortgage Bonds: 0bp

Mortgage backed securities had a very bad day yesterday, ending the day well below their 200-day moving average, which is why I switched stances.  Existing Home Sales kicked the descent off, followed by the Treasury Announcements.  When the support levels failed (actually 3 of them together), the picture changed quickly as I mentioned might happen.

Today only had one data play, which was this morning’s Consumer Sentiment which barely beat expectations, coming in at 66 versus 65.  MBS pricing has already had its ups and downs, but is currently flat.  With the 50-day MA now crossing the 25-day MA, things are again looking negative for mortgage rates, so I am going to hold the current stance. 

What does this mean for Florida Mortgage Rates?  Just when things began to look better, things again turned worse now mortgage rates look to be on the climb once again.

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