Florida Mortgage Rates – Morning Report

by Florida's #1 Mortgage Planner on November 27, 2009

Locking Stance: LOCKING    Mortgage Bonds: +0bp

I hope everyone had a good Thanksgiving.  Personally, I flew to Bolivia and back over the last two nights, so I am thankful I have a flying job along with my mortgage business, among other things.  By the time I get back from Brasil early Tuesday morning, I will have flown over 23,000 miles in about 10 days, kinda cool.

OK, down to business.  Mortgage backed securities spiked higher this morning, but have been beaten back down, just like what happened on Tuesday, only there is no market moving data slated for release today.  It is “Black Friday”, supposedly the best day for retailers and the unofficial start of the Christmas shopping season, so traders could just be watching the webcams and news of shopping activity and reacting to that.  Stocks did take a dive out of the starting gate this morning, almost all of which is due to the fact Dubai World, the largest corporate entity in the Gulf region city-state, may not be able to pay back its $60 B debt.  Will the USA be next to default?

As I have mentioned, this is a shortened trading week, so volatility is likely to be higher than normal.  We still need a corrective move in MBS prices, but news like this will prevent that from happening, so we just have to wait longer, but it is coming, maybe even starting today.

What does this mean for Florida Mortgage Rates?  Mortgage rates are likely to edge higher from here and the future is still uncertain despite some positive moves recently.  Have a good weekend and be sure to follow next week as chart patterns solidify an the future may become certain again.

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