Florida Mortgage Rates – Morning Report

by Florida's #1 Mortgage Planner on August 8, 2008

Locking Stance:  LOCKING     Mortgage Bonds:  -19bp

Mortgage bonds are getting hit hard today as Fannie Mae announced their disappointing news.  Fannie Mae reported a greater than expected loss, just as Freddie Mac did a couple of days ago.  On top of that, they also slashed their dividend by over 85%, to 5 cents or less from 25 cents.

Well, it looks like we can write off any short term gains, at least for the moment.  Technical indications have always been pointing towards lower prices in the long run, but I had hoped to see at least a retest of resistance before mortgage bonds came crashing backed down.  That retest doesn’t look like it will be today.

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