Florida Mortgage markets were up-and-down last week as rates slipped Monday and Tuesday before roaring higher from Wednesday through the end of last week.
In some case, after reaching all-time lows, conforming mortgage rates added a half-percent in the second half the week, destroying some homeowners’ opportunity to refinance. It was actually the 2nd week in a row that mortgage rates worsened.
One reason why Florida mortgage rates are up is actually because financiers are turning bullish on the economy, even as it struggles to get on its feet. From investors’ perspective, the info is weak, but not as weak as it’s been — or might have been.
It is a glass-is-half-full approach and it is the opposite of how the Street worked in 2008.
Looking back at last week, we can see that:
- Consumer Confidence measured a paltry 26.0 — but the reading was up from February’s all-time lows
- The Case-Shiller Index showed a big drop in home prices — but the report ignores strong housing data from the last 60 days
- Unemployment rates reached 8.5 percent nationally — but employment is a lagging indicator for the economy
In time, we’ll learn if backers were on-time or premature in their gambles for a business turnaround but, for the moment, the mere belief the economy is getting better is leading mortgage rates higher. And until Wall Street’s sentiment changes, rates should continue in that way.
This week, there will not be much opportunity to change traders’ minds. Second , there’s only one release of importance to markets — Wednesday’s release of the March Fed Minutes.
Mortgage rates may not rise for the 3rd week in a row this week but long term momentum is working against rate clients. If you see a rate you like, consider locking it.
As always, if you need a local Winter Haven area mortgage broker to watch the rates for you, I’m your guy. Call me at 863-604-3019 or apply online for your Florida mortgage. We’ll keep you posted and let you know when it’s time to pull the trigger!
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Kevin Sandridge
The Florida Mortgage Pro
Signature Home Funding
410 Laurel Cove Way
Winter Haven, FL 33884 |
Mobile: 863-604-3019
Fax: 888-496-0265
Email: kevin.s@sigfunding.com
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(Image courtesy: The Wall Street Journal Online)
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I hope you found this post useful! As always, if you or anyone you know is in need of a local Florida mortgage loan originator, I’m your guy. Call me at 888-859-7418 or apply online for your Florida mortgage. We’ll keep you posted and let you know when it’s time to pull the trigger!
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I would say we have a lot of trouble ahead in the markets. I just became a certified distressed property specialist and the market is very interesting while having to stay creative.
Fort Lauderdale Real Estate Agent