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Florida Mortgage Rates October 11, 2013

So now we’re at Day 10 of the government shutdown with no end in sight, although, at least meetings have been set up between the President and Congress. Just news of meetings and the hope of a deal sent stocks surging yesterday and resulted in slight increase in Florida mortgage rates compared to earlier this week.

Consumer Sentiment, which is how Americans look at the economy, dropped to 75.2 in October from 77.5 in September, according to The Thomson Reuters/University of Michigan’s preliminary reading. Even though this was the lowest figure since January and lower than what was expected, stocks continued to climb today. Normally, this type of report would send investors running for safe assets, meaning bonds.

MBS prices were up this morning, but as stocks continue to rise, MBS have fallen back. When MBS prices go down, mortgage rates generally go up. This is something to watch in the coming days if talks continue. The reality is, expect mortgage rates to rise, at least temporarily, when a deal is done.

The bond market will be closed on Monday, October 14th, in observance of Columbus Day.

Florida Mortgage Rates October 11, 2013:

  • 30 Year Fixed Rate Mortgage – 3.875% (4.061% APR)
  • 15 Year Fixed Rate Mortgage – 2.875% (3.216% APR)

Disclosures

Check back tomorrow to get the newest rate updates!