Florida Mortgage Rates – Special Report

by Florida's #1 Mortgage Planner on September 30, 2008

Locking Stance:  CAUTIOUSLY FLOATING     Mortgage Bonds:  -22bp

Mortgage bonds are taking a hit today as expected and if you followed my advice from this morning, you would have locked for closings over the next few days.  You would also know that in the longer term, charts show a favorable picture for lower mortgage rates.

Chicago PMI was reported worse than expected, another set of favorable data for mortgage bonds.  In the current marketplace, emotions surrounding news of bailouts, failed bailouts and outright failures are overwhelming the data releases.  In the long run, fundamentals and technicals will resume as the driving force.  Today’s move is mostly, if not all, based on the retracement of stocks.

Once again, so long as support holds, floating will be the better choice for the longer term based on the charts.

{ 2 comments… read them below or add one }

Victor September 30, 2008 at 1:58 pm

Actually Chicago PMI came in better then expected. Came in at 56.7 and most were expecting around 54 to 55. it was worse then last month though.

Robert D. Ashby September 30, 2008 at 5:42 pm

Victor,

Thanks for correcting my mistake.

My dyslexia apparently set in since I was doing reports between clients. You are dead on as it did beat expectations (56.7 vs 54.0) which changes the picture slightly in regards to data, however the charts at the time were still looking good and the mistake would not have me change stances at this point anyway.

If you have followed my reports the remainder of the day, you would know I did switch stances later as support shattered.

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