Florida Mortgage Rates – Morning Report

by Florida's #1 Mortgage Planner on November 20, 2009

Locking Stance: LOCKING    Mortgage Bonds: 0bp

Mortgage backed securities are still holding their ground for the most part, but things are still not looking good for the long-term.  MBS prices closed down 3 basis points yesterday and despite their initial jump this morning, they have fallen back to flat on the day.  Remember, we still have not seen a solid retracement yet, so odds favor a rise in Florida mortgage rates in the near future, though the longer-term may still have mortgage rates edge lower.

There is no data and no one in the Fed is scheduled to speak today, so the markets will rely on technical indications, stocks and news to guide them along.  With Dell’s disappointing earnings, do not expect stocks to move much, and the recent move of a stronger dollar isn’t helping stocks either.  These events may factor into MBS prices holding fairly steady today.

What does this mean for Florida Mortgage Rates?  Mortgage rates will likely hold steady today on a lack of momentum.  The short-term still favors mortgage rates edging higher, though the longer-term (for those whom have a while before closing) may provide an opportunity to see Florida mortgage rates test their lows again.

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