Florida Mortgage Rates – Morning Report

by Florida's #1 Mortgage Planner on October 13, 2009

Locking Stance: LOCKING    Mortgage Bonds: +31bp

Mortgage backed securities appear to be making that bounce that I mentioned yesterday.  This may be good news, but I still do not like the way the charts are looking at the moment and this may be merely a corrective move, preempting the next leg lower.

There are no economic reports today that would typically move the mortgage bond market.  There are the weekly Treasury Auctions of the 3-month T-Bill and 6-month T-Bill, so there may be some carry-over reaction that may be seen in MBS prices later today.  Stochastic indications are not looking pretty on either the fast scale or the slow scale, which is keeping me cautious.  if we can move all the way back to recent highs, I will be happy, but it is not looking like that will happen at this point.

What does this mean for Florida Mortgage Rates?  Mortgage rates may edge slightly lower today in what appears to be a corrective movement.  The outlook remains unclear, but still appears as though higher mortgage rates are on the way.

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