Florida Mortgage Rates – Morning Report

by Florida's #1 Mortgage Planner on July 6, 2010

Locking Stance:  LOCKING    Mortgage Bonds:  +9bp

Mortgage backed securities are edging slightly higher today, which is a good thing, but there is still too much uncertainty in the markets to safely suggest floating right now, at least in my opinion.  I just posted my weekly mortgage market analysis at ActiveRain and Lenderama and hopefully you listened to my radio show yesterday, or at least the recording of it.  If you missed the show, you can listen to the broadcast in the right sidebar.

Data is mostly non-existent today with the only report that could impact the markets having already been released and not doing much.  The ISM Non-Manufacturing Index, aka ISM Services Index, was reported at 53.8 versus the 55.0 expected and down from 55.4.  Once again we are seeing that the economy is still improving, but at a snail’s pace and appears to be getting worse.  We do have the weekly short-term Treasury Auctions coming up at 11:30, but they are not typically making waves in the MBS market, though that could change absent other market movers.  Also, volatility could be a factor in the coming days due to the holiday shortened week, but so far it has not shown up.

What does this mean for Florida Mortgage Rates?  Mortgage rates are holding steady this morning and likely will do so.  However, the uncertainty being displayed begs to question if Florida Mortgage Rates can keep pushing lower and the risk/reward ratio is just not favorable right now.

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