Florida Mortgage Rates – Morning Report

by Florida's #1 Mortgage Planner on September 3, 2008

Locking Stance:  LOCKING     Mortgage Bonds:  -6bp

The ADP Employment report is delayed until tomorrow due to the Labor Day holiday according to their website, so we will have to wait to get their “forecast” on the jobs front.  It will be interesting to see how much of an impact it has with Initial Jobless Claims coming out tomorrow as well.

As for this morning, oil prices are dropping and that could get stocks going at their open.  The stronger dollar is pressuring virtually all of commodities, further decreasing inflationary pressures, but also helping to fuel stocks.  Mortgage bonds will likely be down today.

Coming up later today that could but a change of pace in the markets is the Fed’s Beige Book.  That is scheduled to be released at 2pm ET, so be ready to see how the markets react to it.  While I don’t think bonds will be down too much today, I am switching back to a locking stance as this could be the beginning of the needed correction.

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