Florida Mortgage Rates – Morning Report

by Florida's #1 Mortgage Planner on August 21, 2008

Locking Stance:  CAUTIOUSLY FLOATING     Mortgage Bonds:  +6bp

Mortgage bonds had a great day, ending up 53bp higher on the day, but they were off their highs.  This morning saw a lower than expected Initial Jobs Claim report, though not by much.  Stocks look poised for another day of losses as oil is on the rise again.

As this day gets going, I am holding that cautiously floating stance, but there are some concerns about today, mostly resting in the upcoming Philly Fed report.  Technical indicators still show warning signs, at least a need for a “correction”, so this report could be what takes the air out of bonds for the day, or it could be another ignition sequence to keep bonds shooting higher. 

The Philly Fed is due out at 10am ET, so expect a “special” update shortly there after.

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