Florida Mortgage Rates – Morning Report

by Florida's #1 Mortgage Planner on October 5, 2009

Locking Stance: CAUTIOUSLY FLOATING    Mortgage Bonds: +16bp

Mortgage backed securities concluded a strong week and are now entering a week that is less certain as to the final outcome.  Last week, there was plenty of economic data to ride the wave on, but this week will mostly be about the Treasury Auctions as economic data will be scarce.  For more information on my outlook for this week, head over to Lenderama and read this week’s Mortgage Market Update.

That being said, today did have some data, namely the ISM Services Index.  The ISM Services Index came in slightly above expectations at 50.9, versus the 50.0 estimated.  While this typically would affect MBS prices negatively, mortgage bonds are still showing strength and that is despite the positive stock market today.  All eyes will be on this afternoon’s Treasury Auctions, particularly the 10-year TIPS.

What does this mean for Florida Mortgage Rates?  Mortgage rates are holding steady right now, though a short term increase slightly will likely be seen soon.  The long-term outlook is for steady mortgage rates, possibly even seeing mortgage rates edge a little lower.

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