Florida Mortgage Rates – Morning Report

by Florida's #1 Mortgage Planner on March 11, 2010

Locking Stance: LOCKING    Mortgage Bonds: –16bp

Mortgage backed securities managed to rally behind the strong results of yesterday’s 10-year T-Note auction, but this morning is more downward movement, breaking below their 25-day and 100-day moving averages, again.  Can they climb back up?  Don’t count on it.

International Trade was reported this morning, showing the Trade Balance Level at $-37.3B, higher than estimates of $-41.0B.  Jobless Claims were reported at 462K, slightly higher than estimates of 460K and the 4-week moving average rose to 475.5K.  This afternoon will see the most important Treasury Auction, the 30-year T-Bond.  Nevertheless, MBS prices are following the charts, edging lower and sending mortgage rates higher.

What does this mean for Mortgage Rates?  Mortgage rates continue to edge higher today and the outlook is still most favorable for them to continue to do so.

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