Florida Mortgage Rates – Morning Report

by Florida's #1 Mortgage Planner on November 14, 2008

Locking Stance:  CAUTIOUSLY FLOATING    Mortgage Bonds:  +22bp

Retail Sales came out worse than expected, no surprise there, as the numbers came in at -2.8% versus the expectations of -2.1%.  Take autos out of the equation and they paint an even worse picture for sales, coming in lower than expectations at -2.2% versus -0.9%.  Consumer Sentiment is due out in about an hour.

I am going to change my stance, at least briefly, but remind you not to drop your guard even with the favorable news.  Mortgage backed securities had very favorable news last week and faltered nonetheless.  This move higher today is still up against resistance, so MBS could easily begin a freefall.  With mortgage bonds still well within their trading range and with the top of that range in a downtrend, odds are that mortgage rates will still be on the rise in the future.

I did make a modification to they presentation which you may have noticed.  I am now going to add varying colors to the locking stance to provide added identification of my current stance.  Here are the colors to be used:

Green = Floating

Red = Locking

Amber/Orange (above) = Cautiously Floating

Black = Anything else if needed.

Hopefully you all will appreciate the added color changes which will enhance response times for those needing to change their own stances.  Basically, all you have to do is see what color the top line is and you will already know what I am doing with my clients.  Hopefully, it will also get those of you hanging on the edge to apply for that mortgage and beat rising mortgage costs.

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