Florida Mortgage Rates – Morning Report

by Florida's #1 Mortgage Planner on July 28, 2009

Locking Stance: LOCKING    Mortgage Bonds: +19bp

Mortgage backed securities managed to close down only 12 basis points yesterday as the Treasury auctions went well with good bid/cover ratios and reasonable yields.  Their move higher continues this morning, though the day is quite volatile and they are not demonstrating enough strength to break back above their 200-day moving average.

On the technical side, we see another negative sign forming as the 50-day moving average is now crossing over below the 200-day moving average, and is currently forming a double ceiling of resistance just above current pricing levels.  Stocks are holding their own, flat lining in essence as data has been released and Janet Yellen has begun speaking.

The S&P Case-Shiller Housing Price Index beat estimates today bringing another ray of hope to the housing market.  But Consumer Confidence came in well below expectations with a showing of 46.6 versus estimates of 50.0.  Big Ben can be seen on PBS yesterday, today and tomorrow, just check your local listings.  Also, more Treasury Auctions are scheduled today and could affect the markets.

What does this mean for Florida Mortgage Rates?  Mortgage rates are still showing signs of wanting to climb again, and the outlook is shaping up for the worse.

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