Bias to lock

Mortgage Bonds traded within a few whiskers of resistance yesterday, but were then pushed back lower and have continue downward so far this morning. Adding pressure to Bonds was a better-than-expected S&P Case Shiller Home Index reading, which measures home prices in the 20 largest US cities. Overall, the report indicated that the decline of home prices is slowing, which may suggest the bottom in housing is coming closer.
In the news today, Consumer Confidence came in well below expectations, indicating that consumers became more pessimistic in June after a short-lived boost of confidence in May.Currently, prices look as though they may drop down to test support at the 200-Day Moving Average, which is another 30 basis points beneath current levels.

Leonard Winslow Dominion Trust Mortgage
434-760-2580(cell)
leonard.winslow@dominiontrustmortgage.com
www.dominiontrustmortgage.com/leonard.winslow