Florida Mortgage Rates – Morning Report

by Florida's #1 Mortgage Planner on September 22, 2009

Locking Stance: CAUTIOUSLY FLOATING    Mortgage Bonds: +3bp

It looks like another up and down day for mortgage backed securities, but the 25-day moving average continues to shape the bottom of the range as it has withstood every test thus far. 

There is not much data or events slated for today that would typically move the markets.  With the Treasury Auctions coming in strong yesterday afternoon (high bid/cover ratios on both), one might expect this afternoon’s Treasury Auctions to go the same way, which should be good for mortgage backed securities.  The key auction to watch today is the 2-year Treasury Note (T-Note).  The 4-week and 52-week Treasury Bill (T-Bill) auctions are also today, and may have an impact on the markets. 

Other than that, minor economic reports, such as the FHFA House Price Index are on the docket, some already having been released, but none typically do much for market movement.  Today marks the beginning of the FOMC Meeting, which will release their FOMC Meeting Announcement tomorrow afternoon, and that will likely be the next major market mover.

What does this mean for Florida Mortgage Rates?  Mortgage rates will likely hold steady today and the outlook remains about the same, mortgage rates holding steady, possibly improving from here.

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