Florida Mortgage Rates – Morning Report

by Florida's #1 Mortgage Planner on September 10, 2008

Locking Stance:  LOCKING     Mortgage Bonds:  -22bp

I hope you took my change of stance to heart yesterday.  If you did, you locked before the drop this morning.  I warned that the odds favored lower mortgage bond prices (higher mortgage rates) and that is what we are seeing today.

The only bit of data today is Crude Inventories and that doesn’t usually do much for mortgage backed securities.  Oil prices have been dropping and that helps alleviate inflationary expectations, helping mortgage rates, but for how long?  Even tomorrow doesn’t hold any “major” players as far as data goes, though Initial Jobless Claims can sometimes spark something.

As for today, unless stocks somehow falter again, which is not likely, mortgage bonds will have a down day.  Charts are taking over the markets and technicals point towards a test of support about  another 28bp below.

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