Florida Mortgage Rates – Morning Update

by Florida's #1 Mortgage Planner on July 2, 2008

Locking Stance:  LOCKING     Mortgage Bonds:  0bp

Mortgage bonds ended the day down 25bp, more importantly they were just below their 25-day moving average.  Today, they have been unable to muster any real strength, even on the heels of the ADP report showing forthcoming dismal jobs data.

In the past, the ADP report has been enough to send the markets running one way or the other, but today has them flatlining.  Part of the reason is some traders are “on vacation” with the shortened trading week.  Remember that shortened trading weeks can add volatility and movements may not be normal due to reduced volume.

Technically speaking, bonds are still in their overall downtrend, though indications may be they are about to break free, if they can at least hold their ground.  Crude Inventories are due out at 10:#0 and they may help create some movement.

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