Florida Mortgage Rates – Philly Fed Report

by Florida's #1 Mortgage Planner on September 18, 2008

Locking Stance:  LOCKING     Mortgage Bonds:  -34bp

If you read the mortgage rates report this morning, you knew already I believed would would see an unfavorable report in this data as I mentioned mortgage backed securities would likely break out to the downside.   However, while it has sent bonds lower, they are yet failing to break support, which is why I mentioned they may remain “trapped” in their current trading range.

Once again we are seeing traders go back and forth with prices moving up and down, continuing the recent trend of high volatility intraday.  Prices still favor a breakout to the bottom, especially on this news and the fact the DJIA is up over 170 right now.  Oil prices are also showing a lot of volatility as the flood of money into the global financial system is getting rather out of control.

Leave a Comment

Previous post:

Next post: