Florida Mortgage Rates – Morning Report

by Florida's #1 Mortgage Planner on December 28, 2009

Locking Stance: CAUTIOUSLY FLOATING    Mortgage bonds: –19bp

Mortgage backed securities turned lower last week showing that I jumped the gun a bit on my change of stance.  That being said, the charts signal a need for that corrective move higher and it has to be coming, though it may not happen even this week.  Certainly, today’s gap lower is not a very good sign, though MBS prices appear to be stabilizing at the moment.

As for data today, there is none.  There are several Treasury Auctions however, with the main focus being the 2-year Treasury Note auction which we will see the results at 1pm.  Tomorrow heats things up a bit, but the week is once again shortened as the markets will be closed on Friday.  Don’t forget to check out this week’s Mortgage Market Update for more on the week’s events.

What does this mean for Florida Mortgage Rates?  Mortgage rates will likely hold fairly steady until this afternoon, then they could go either way.  Short-term outlook offers the potential for slightly lower mortgage rates, though the trend is clearly for higher mortgage rates down the road.

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