Florida Mortgage Rates – Morning Report

by Florida's #1 Mortgage Planner on December 1, 2009

Locking Stance: LOCKING    Mortgage Bonds: –9bp

Mortgage backed securities have essentially erased the gains they had yesterday, and we now see another day where overhead resistance has held.  Will that continue through the day?

Data today remains to truly be seen as only a couple of really minor reports have been released thus far.  The main data play for today will be released at 10:00, which is the ISM Manufacturing Index.  We will also see Pending Home Sales at that time as well, along with Construction Spending.  Additionally, Charles Plosser will be speaking just after noon. 

Looking at the charts, we still see the rubber band stretched to its virtual limit, wanting to snap back.  We still have good indications for the long haul, but that corrective move remains a necessity, and may come at any moment.

What does this mean for Florida Mortgage Rates?  Mortgage rates are likely to hold steady or rise today and for the next several days.  The outlook beyond this timeframe is for steady to possibly even lower mortgage rates at the moment.

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