Florida Mortgage Rates – Morning Report

by Florida's #1 Mortgage Planner on November 3, 2009

Locking Stance: LOCKING    Mortgage Bonds: –3bp

Mortgage backed securities have not made a lot of movement to either side today, though they are off their highs of the day and down 12 basis points from their open today.  That is certainly not a sign of strength. 

Let’s take a quick look at yesterday’s data and events, shall we.  The ISM Manufacturing Index beat expectations with a 55.7.  Construction Spending was mixed, with the monthly gains better than expected, but year over year was below.  Pending Home Sales was 6.1% higher to 110.1.  And yesterday’s short-term Treasury auctions were very strong again this week. 

Today is relatively light on data and events and all eyes are now focusing on the FOMC Meeting which started today.  The Fed decision and Policy Statement are due out tomorrow at 2:15.  The other minor data plays for today were basically inline with expectations and will not cause any market movement.  We do have the 4-week T-Bill auction this afternoon, but i highly doubt we will see much movement from that auction either.

What does this mean for Florida Mortgage Rates?  Mortgage rates will likely hold fairly steady today, though the future is uncertain still.

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