Florida Mortgage Rates – Morning Report

Locking Stance: LOCKING    Mortgage Bonds: +15bp

First, you probably already noticed the site looks different, that is because the full design did not transfer, but it is safely at the new host.  When time permits, I will make some changes, so don’t be surprised when the site looks different in the near future.  With the successful transfer completed with this site, the remaining sites are going to be transferred in the coming days and I hope to have everything completed by the end of the week.

OK, back to the real business.  Mortgage backed securities are back on the rise, and while there was not a “solid” retracement, MBS prices are holding above their 10-day moving average.  Yesterday lacked data and that fact will continue through today.  However, Treasury Auctions are in the driver’s seat, with longer-term auctions taking place today and through Thursday, ending with the 30-year T-Bond.  Yesterday’s results were very strong still and that is helping MBS prices and mortgage rates.  Today will see the results of the 3-year T-Note and as the terms get longer, expect more of an effect on MBS prices.

What does this mean for Mortgage Rates?  Mortgage rates are holding steady, if not edging slightly lower, though the long-term outlook is not certain.  In the future, odds are almost right on middle ground, with higher mortgage rates remaining a possibility.