Florida Mortgage Rates – Morning Report

by Florida's #1 Mortgage Planner on November 4, 2008

Locking Stance:  LOCKING     Mortgage Bonds: -6bp

There is no data slated to be released today, but then again, all eyes are focused on the polls and chances are traders are stuck in long lines voting anyway.  Depending on whom gets elected President, Barack Obama or John McCain, will likely have a huge impact on the markets moving forward as traders move funds for the likely impacts coming from the next next presidency.

Beyond the election, we have the foreign stock markets to look at in relation to how our own stock may react.  With stocks in Europe trading higher for the sixth trading day in a row, not to mention our own stock futures pointing to a higher open, we have to believe for now that our stock market will be higher today and, based on normal trading relationships, that means mortgage backed securities will be under selling pressure as a result.

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