Florida Mortgage Rates – Morning Report

by Florida's #1 Mortgage Planner on December 7, 2009

Locking Stance: CAUTIOUSLY FLOATING    Mortgage Bonds: +25bp

Mortgage backed securities have finally seen their retracement move, and let’s hope that is all it was.  Currently, they are moving higher as one of two reasons, a retracement of this last move lower, or the resumption of the prior trend upward.  Only time will tell.

The week starts off with essentially no data, with just a speech from Big Ben and the weekly short-term Treasury auctions.  As the week continues, it will be all about the Treasury auctions until Friday, so if the Treasury auctions continue to go well, we should see MBS prices improving through the week.  Conversely, if the auctions do not see good results, MBS prices could buck the prior trend and establish a downtrend.

What does this mean for Florida Mortgage Rates?  Mortgage rates should edge lower.  Although the future is still a little cloudy, we may yet see lower mortgage rates.

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