Florida Mortgage Rates – Morning Report

by Florida's #1 Mortgage Planner on October 28, 2009

Locking Stance: LOCKING    Mortgage Bonds: +9bp

Yesterday, mortgage backed securities did a turn around and rose on the day, allowing mortgage rates to edge a little lower as some mortgage lenders did re-price in the afternoon.  The Treasury Auctions were the main spark, though the Consumer Confidence, or lack thereof, also assisted the climb.  Hope has been restored, the question is will it get crushed.  They ended the day off their highs, but were up 47 basis points.

Today will be the next test as they attempt to turn around and destroy the potential downtrend and maybe even completely change directions, though the charts still look negative, so the hurdles presented may be too strong to overcome.  Durable Goods was already released and MBS pricing is higher after the data came in lower than expectations.  However, removal of transportation showed a 0.9% climb, up from 0.0% the last month.  New Home Sales will be released at 10:00, Crude Inventories at 10:30, but the next main event will likely be this afternoon’s 5-year Treasury Note auction results at 1:00.

What does this mean for Florida Mortgage Rates?  Mortgage rates edged lower, though the outlook remains more favorable for higher mortgage rates still.  The picture may change if Treasury Auctions continue to be strong.

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