Florida Mortgage Rates – Morning Report

by Florida's #1 Mortgage Planner on October 26, 2009

Locking Stance: LOCKING    Mortgage Bonds: –19bp

This week’s Mortgage Market Update is now available at Lenderama and it gives the weekly recap as well as my forecast of mortgage rates for this week.  Mortgage rates will be put to the test this week for sure, especially on Friday.

Mortgage backed securities are heading lower again today in what appears to be part of their next leg lower as part of establishing a downtrend.  As stochastic indications move back into the oversold spectrum, there is a glimmer of hope, but it may just be that, a glimmer.  There is no data on the docket for today, though we do see the 5-year TIPS Auction added to the agenda of Treasury Auctions for today, so we may see some movement around that time as well as around 11:30 when the 3-month and 6-month auction results are released.

The charts still look negative and may even get worse as the week progresses, so stay tuned to the daily updates for any changes, but expect mortgage rates to continue their slow climb overall.

What does this mean for Florida Mortgage Rates?  Mortgage rates continue to creep higher and may get extremely spooked this Halloween week.

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