Florida Mortgage Rates – Morning Report

by Florida's #1 Mortgage Planner on September 24, 2009

Locking Stance: CAUTIOUSLY FLOATING    Mortgage Bonds: +6bp

After yesterday’s brief (about an hour long) scare that caused me to briefly switch stances, mortgage backed securities rebounded and actually ended up slightly on the day.  Most importantly, they closed above their 25-day moving average and maintained the sideways trading pattern.

This morning’s Jobless Claims report came in below expectations at 530K versus the 550K expected.  The 4-week moving average has now dropped to 553.5K with continuing claims dropping 123K as well.  Existing Home Sales came in below expectations with a showing of 5.10M versus 5.35M and that is a drop from the prior month, begging to question the housing market recovery.  Charles Evans will be speaking at 10:30, Christina Romer will be speaking at 1:00 and the main event for the remainder of the day will be the 7-year Treasury Note Auction, with those results being released at 1:00.  Friday will have some big reports as well with Durable Goods and Consumer Sentiment, along with New Home Sales.

What does this mean for Florida Mortgage Rates?  Mortgage rates are again holding steady as the Fed saved their behinds after the dismal 5-year Treasury Note auction yesterday.  The outlook remains favorable for steady mortgage rates at the moment.

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