Florida Mortgage Rates – Morning Report

by Florida's #1 Mortgage Planner on February 8, 2010

Locking Stance: CAUTIOUSLY FLOATING    Mortgage Bonds: –12bp

Mortgage backed securities are edging lower today with no economic data to guide them.  On days that are absent of data, news and stocks take the driver’s seat, along with technical indications.  When it comes to the technicals, we will likely see a pullback before MBS prices can climb higher and send mortgage rates lower.

Despite the lack of data today, we saw that the New Orleans Saints won the Super Bowl last night, their first ever.  OK, that doesn’t have any real importance to mortgage rates, but New Orleans was having a blast and saw plenty of business happening last night as a result, much of which will likely carry through Mardi Gras.  Stocks are dipping lower out of the starting gate as well, so that expected drop in MBS prices may not happen today.  The last thing to discuss is today’s short-term Treasury Auctions.  If they continue to do well, MBS prices will continue to benefit.  If they falter, MBS prices may fall.  The more important Treasury Auctions begin tomorrow with the 30-year T-Bond (the most important) coming on Thursday.

What does this mean for Mortgage Rates?  Mortgage rates will likely edge higher or hold steady today.  The long-term outlook is fairly solidly in favor of lower mortgage rates.  Don’t forget to check out this week’s Weekly Report just below. 

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