Florida Mortgage Rates – Morning Report

by Florida's #1 Mortgage Planner on January 21, 2010

Locking Stance: CAUTIOUSLY FLOATING    Mortgage Bonds: 0bp

Mortgage backed securities are at the flatline right now, having fallen from their highs and bouncing off their lows, the 200-day MA.  The 200-day MA is acting as support, not as resistance right now, and that is a good sign of things to come. 

Today saw the Jobless Claims data come in higher than expected at 482K, well above the 440K expected and the highest since November along with the fact the 4-week moving average is climbing once again.  The good news is all of this is that the Labor Department is saying that the rise is due to a “holiday backlog”.  Continuing claims continued to improve slightly.  Leading Indicators was released a short while ago and was better than expected at 1.1% versus 0.7%.  The big report of the day, however, was the Philadelphia Fed Survey, also released at 10:00.  The Philly Fed came in below expectations of 18.0 with their results of 15.2, indicating a larger than expected drop.  Overall, these reports support MBS prices increasing and mortgage rates edging lower.

What does this mean for Florida Mortgage Rates?  Mortgage rates are holding steady today and may improve slightly.  The outlook is slowly improving and we are just awaiting to see which trend solidifies in the coming days. 

{ 1 comment… read it below or add one }

Michael Roberts January 21, 2010 at 11:55 pm

I am in California. I have a client moving to Florida and wanted to see what kind of mortgage info I could find for them. I will ask them to read your recent posts.

Michael

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