Florida Mortgage Rates – Morning Report

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

Locking Stance:  LOCKING     Mortgage Bonds:  +12bp

Well, this morning’s jobs data has hit the airwaves and overall it was benign and the markets are expressing more confusion over where things go from here.

Non-farm Payrolls were worse than expected at -154K (-104K expected), so this release was right on what I was suspecting was coming.  However, the Unemployment Rate was unchanged at 6.1%, Hourly Earnings was lower than expected at 0.2% vs. 0.3%, and the Average Work Week dropped a tenth to 33.6.  We still have the ISM Services Index to go at 10 am, but market reaction is mostly opposite to what you would think.

Mortgage backed securities were up 15bp just prior to the report, but you could see the rush to sell and it looks like mortgage bonds will be having a bad Friday instead and that means higher mortgage rates throughout Florida and the whole nation.

Leave a Comment

Previous post:

Next post: