Florida Mortgage Rates – Morning Report

by Florida's #1 Mortgage Planner on October 23, 2008

Locking Stance:  LOCKING     Mortgage Bonds:  0bp

As the market opened this morning, bonds are going nowhere fast, but that is partly why I am changing my stance already.  I may be jumping the gun a bit, but with this morning’s news I would be more comfortable had bonds at least held a slight gain over “flatlining”.

With Goldman Sachs dumping 10% of its people, they are adding another 3,200 workers to the casualty list with many likely to not find work elsewhere.  Adding more recession fears to the mix, the Chairman of Dow Chemical says there will be a global recession throughout 2009.  All of this and stock futures pointing lower on the heels of their abysmal climax yesterday and you can see why the inability of mortgage bonds to muster any type of strength so far raises concerns, especially when the charts are showing the recent move higher becoming “tired.”

We do have Initial Jobless Claims coming up in a few minutes, but I am expecting that report to likely help send bonds into the next leg down at this point.

Leave a Comment

Previous post:

Next post: