Florida Mortgage Rates – Morning Report

by Florida's #1 Mortgage Planner on March 16, 2010

Locking Stance: LOCKING    Mortgage Bonds: -3bp

Mortgage backed securities managed a bit of a comeback yesterday and ended the day even, along the lines of expectations.  This morning will likely see more of the same, little movement and hovering around the flat line, at least until around 2:15 this afternoon.

Data today hit on the housing market as the Housing Starts report was released.  Housing Starts was reported at 575K, above the estimates of 565K, but still down from last month’s reading of 591K.  Building Permits, the other part of the report, came in at 612K, down slightly from 621K in last month’s report.  Late today is the big report, that is the FOMC Meeting Announcement.  Remember that the Fed’s Policy Statement is much more important to the future of mortgage rates than what the Fed does with the Fed Funds Rate.  That being said, if the Fed throws in a surprise move higher, there could be some serious movement in the markets.

What does this mean for Mortgage Rates?  Mortgage rates will likely hold fairly steady until this afternoon’s FOMC Announcement.  Once again, the future remains uncertain, though that may change today.  At the moment, the chances are greater for higher mortgage rates.

Leave a Comment

Previous post:

Next post: