Florida Mortgage Report – Morning Report

by Florida's #1 Mortgage Planner on December 8, 2008

Locking Stance: LOCKING     Mortgage Bonds: 0bp

The markets have yet to open today, but this will be another day of all-day flying for me, so my normal reporting will not exist.  As such, as I usually do in volatile markets, I move to a locking stance as I cannot provide proper guidance throughout the day.

OK, that being said, locking is still the best choice for the faint of heart (always is) or those looking to close in the next few days.  Beyond that, though I cannot recommend at this moment, floating may prove beneficial.  That picture has changed somewhat, but with Paulson and Bernanke wanting lower mortgage rates, they may yet come.

Today and tomorrow are absent of data, so technical indications, news, and stocks will lead the way.  Stock futures are poised right now to open higher, which will put some selling pressure on mortgage backed securities.  Stochastic indications remain on the overbought side, but are out of the “danger zone”.  Overall, bond prices have again hit their resistance level and fallen back, so we will likely see a pullback like last week.

Have a good day and I will report on what happened when I make it back home this evening.  If you want to “track my flight”, I do keep an updated schedule over at Florida Mortgage Report in the right sidebar.

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