Florida Mortgage Rates – Morning Report

by Florida's #1 Mortgage Planner on September 2, 2008

Locking Stance:  LOCKING     Mortgage Bonds:  0bp

My latest Mortgage Market Update was posted yesterday over at Lenderama, and I suggest you read it to understand my opening position this morning.  I will be unavailable until this afternoon due to a rather large delay in my flight, so I will be holding my locking stance as I suspect that bonds will be down today.

This morning will see the ISM Index come out at 10am and that could have a dramatic effect on mortgage bonds.  Stochastic indications are still showing an overbought state and a need for a correction, but a favorable report will keep bonds rallying.  I will post an update as soon as I clear customs to give you the status of the market’s movement as a result.

As I mentioned before, I normally keep my flights outside market hours, and this flight from Sao Paulo, Brazil was supposed to leave last night and arrive at 6am this morning.  Unfortunately, I am not always in control of the schedule and due to an arrival delay I am now scheduled to arrive at 1:30pm ET, so you can expect an update shortly thereafter.

I hope you had a wonderful extended weekend and Labor Day, but now it is back to the trading floor and watching mortgage rate movement.

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