Florida Mortgage Rates – Morning Report

by Florida's #1 Mortgage Planner on September 1, 2009

Locking Stance: LOCKING    Mortgage Bonds: –19bp

Mortgage backed securities did improve more yesterday afternoon, ending the day at their 200-day moving average and well above their 100-day moving average.  That is a good signal as the basically broke free of their “squeeze play” and did so to the upside (lower mortgage rates).  However, not all signals are good right now and caution kept me from changing stances yesterday, and mortgage bonds are down this morning.

Data plays for today include the heavy-hitting ISM Manufacturing Index, which was just released along with Pending Home Sales.  The ISM Index just came out and beat expectations sending MBS pricing lower quickly, though the 100-day moving average seems to be holding as solid support.  The ISM Manufacturing Index came in at 52.9, higher than break-even and higher than the 50.5 expected.  Pending Home Sales also was released, hitting 97.6, the highest since June 2007 and offering another signal that the housing market may indeed be recovering.

What does this mean for Florida Mortgage Rates?  Mortgage rates are up slightly right now, but if they hold, lower mortgage rates may again be in the future.  I am still hesitant to change stances at this time, though may later today or tomorrow if things hold.

Leave a Comment

Previous post:

Next post: