Mortgage Market Comment

Mortgage Bonds are starting the week slightly higher, but continue to face tough overhead resistance. Meanwhile, Stocks are attempting to shake off some worries from overseas, including sharp declines in China’s Stock market.
The manufacturing sector measuring Chicago Purchasing Managers Index (PMI) came in right at 50, quite a bit better than last month. A reading above 50 indicates expansion, while a reading below 50 indicates contraction, so this is a fairly positive sign for the beleaguered manufacturing sector.
There are no Treasury auctions scheduled for this week, however, Thursday’s auction announcement regarding next week's supply amount could shake things up.

Leonard Winslow, Dominion Trust Mortgage
434-760-2580 (cell)
leonard.winslow@dominiontrustmortgage.com
www.dominiontrustmortgage.com/leonard.winslow
Licensed by the Virginia State Corporation Commission. License #: MC-5112.