Florida Mortgage Rates – Weekend Report

by Florida's #1 Mortgage Planner on May 2, 2009

Locking Stance: LOCKING    Mortgage Bonds: 0bp

You may have wondered why I didn’t do a post yesterday, but the reality was that I wouldn’t have changed my stance and likely it didn’t matter much, other than you didn’t hear from me about what was happening or why.  I apologize, but as happens from time to time, I am out flying and cannot report.  Normally on those days I get a post saying as such, but yesterday the internet at the airport in Bolivia was not working for me and I couldn’t upload before takeoff.

There was a slew of data, which if you have been following me for a while you already knew the data would be better than expected and put pressure on mortgage rates.  The ISM Manufacturing Index was the biggie of the day, but Consumer Sentiment also beat expectations.  Adding to the problems for mortgage backed securities was the Treasury announcements of $155 billion in auctions, throwing even more supply into the mix.  The only good news is that mortgage bonds ended the day only down 22 basis points and above the 50- and 100-day moving averages.  That double floor of support was breached briefly.

What does this mean for Florida Mortgage Rates?  Mortgage rates ended the week higher and they will have a hard time not moving higher in the coming weeks, at least as it looks right now.

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