Florida Mortgage Rates – Morning Report

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

Locking Stance: CAUTIOUSLY FLOATING    Mortgage Bonds: +28bp

Mortgage backed securities appear to have started their corrective move after last week’s multiple moves lower.  This will offer at least a brief period for grabbing slightly lower mortgage rates before the next move higher if the downtrend continues.

There is not much in the way of data or events that will help or hurt mortgage bonds today, so MBS prices will likely move with the technical indications, which provide a correction to take place.  There are the weekly short-term Treasury Auctions this afternoon, but beyond that, something would have to happen in the news to get the markets moving otherwise.  As the week progresses, the data will be stepped up and things will change.  For more information on my outlook, head over to Lenderama and check out this week’s Mortgage Market Update.

What does this mean for Florida Mortgage Rates?  Mortgage rates will likely move slightly lower today, though the longer term outlook remains for higher mortgage rates.

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