Florida Mortgage Rates – Morning Report

by Florida's #1 Mortgage Planner on August 15, 2008

Locking Stance:  LOCKING*     Mortgage Bonds:  +16bp

I will get into the reason for the asterisk in a minute, but let’s breakdown what is going on right now.  Mortgage bonds dropped initially, but have since gained ground and are looking fairly good this morning. 

The dollar has continued to strengthen and oil prices have been dropping back below $113.  Bonds have shrugged off a much better than expected Empire State Index.  Capacity Utilization and Industrial Production also beat expectations, that data being delivered short time ago.  These reports are not major players in the markets, but the data is not favorable for mortgage rates.

Now, for the reason for the asterisk.  First, with unfavorable data and the upcoming Consumer Sentiment, the markets could easily swing lower, and that would not surprise me.  The asterisk is due to my being called out for a flight that happens to depart about the same time as the sentiment’s release, so I will be decidely out of the office the remainder of the day and unable to report and thus I am back to a locking stance based on expectations, though floating may prove beneficial if the sentiment is dismal (not likely).

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