Florida Mortgage Rates – Morning Report

by Florida's #1 Mortgage Planner on November 2, 2009

Locking Stance: LOCKING    Mortgage Bonds: –6bp

Once again, I am back to a locking stance as things are starting to look like mortgage rates will not edge any lower, at least for the foreseeable future.  Things can change rapidly and even unexpectedly, so make sure you are checking back often, or subscribe to the RSS feed above, or even over at Twitter (www.twitter.com/flmortgagedaily), to make sure you are updated.

Data today has yet to be released, but starts of with the ISM Manufacturing Index, which will likely cause a stir in the markets.  The current consensus is for a slight improvement over last month with the number expected to be 53.0.  If the data misses, especially substantially, the markets will likely react.  We also will see Construction Spending and Pending Home Sales at 10:00.  Daniel Tarullo will be speaking at 10:30 as he participates in a panel discussion on executive compensation.  We will also see the weekly Treasury Auction of the 3-month and 6-month T-Bills.

The charts are beginning to turn negative again as the 25-day MA continues to act as a strong ceiling of resistance.  Will the tides change this week?  The charts still are not certain, but for now it appears MBS prices will remain within their narrowing trading range between the 25-day and 50-day MAs.

What does this mean for Florida Mortgage Rates?  Mortgage rates will likely start edging back higher today, though economic data may change that if the data is favorable.  The outlook remains uncertain, but odds are starting favor higher mortgage rates again.

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