Florida Mortgage Rates – Morning Report

by Florida's #1 Mortgage Planner on September 3, 2009

Locking Stance: CAUTIOUSLY FLOATING    Mortgage Bonds:  -19bp

Mortgage backed securities are down this morning, but a pullback was to be expected.  In fact, I would not be surprised to see MBS prices fall all the way back to their 100-day moving average, though the long term picture appears, at least for now, to be steady or lower mortgage rates.

Data this morning included the weekly Jobless Claims report and the ISM Services Index and later we will see the Treasury Announce the amounts of the coming 3-year T-Note, 10-year T-Note and 30-year T-Bond, which could pressure mortgage bond prices lower still.  Jobless Claims were slightly higher than estimates, coming in at 570K versus 562K, so no real surprises there.  The ISM Services Index came in just below expectations of 48.8 with a showing of 48.4.  Both reports generally favored mortgage bond pricing.

What does this mean for Florida Mortgage Rates?  The short term will likely see slightly higher mortgage rates, though the long term is now favoring steady or lower mortgage rates.

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