Florida Mortgage Rates – Morning Report

by Florida's #1 Mortgage Planner on January 26, 2010

Locking Stance: LOCKING    Mortgage Bonds: +16bp

Mortgage backed securities are up today, but I still do not like the charts right now as the 50-day MA is holding strong as resistance and we still haven’t seen a solid retracement.  That being said, the next day or two should spell out the future.  While MBS prices are higher this morning, they are off their highs.

Data today included the Case-Shiller Housing Price Index which showed housing prices “stalling”.  The Composite-10 came in at 158.49 and the Composite-20 came in at 146.28, a slight drop from 146.58.  Consumer Confidence beat expectations slightly with a 55.9 versus 53.5, up from 52.9.  The 2-year T-Note auction is the only thing left that might move the markets today, but traders are likely going to wait until the Fed releases their Policy Statement (and rate decision) tomorrow.

What does this mean for Florida  Mortgage Rates?  Mortgage rates edged up this morning with some lenders, but are essentially flat.  The outlook is still somewhat unclear, though the charts favor mortgage rates edging higher at the moment.

(PS – This post will be added to the new site later today, likely with an update, but stay here for now as I will post any changes in stance here as well, once I get up to Tampa this afternoon.)

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