Florida Mortgage Rates – Morning Report

by Florida's #1 Mortgage Planner on November 24, 2008

Locking Stance:  LOCKING     Mortgage Bonds: 0bp

This morning started off with the announcement of another Fed bailout, this time Citigroup through the provision of a $306 billion lifeline and an additional $20 billion cash from the Treasury in exchange for $27 billion in preferred stock yielding 8%.  Adding to that announcement, oil rose dramatically out of the starting gate as well and stock futures are on the rise.  All bad news for mortgage bonds and they will likely drop as a result (any real surprise?).

The data slated for today is the Existing Home Sales to be released at 10am.  PCE, the Fed’s favorite gauge on inflation, is due out later this week and don’t forget to check out Lenderama a little later this morning to read my weekly Mortgage Market Update over there.  I will be finishing it by 9:30am.  As always, I will recap the last week and provide insight into where mortgage rates are headed this week.

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