Daily market Comment

Mortgage Bonds are trading modestly higher this morning, thanks in part to the recent pullback in Stocks.
In the news, the ADP Employment report came in worse than expected. Also this morning, Revised Productivity for the 2nd quarter finished near expectations and showed the largest gain in nearly six years. This emphasizes that businesses are maximizing output from their current staff, and the efficiency gains help to curb inflation--which is good for Bonds.
Bonds have enjoyed a nice move higher and are now testing a price peak from July 31st. I recommend floating for now, but be prepared to lock if the situation changes.
Licensed by the Virginia State Corporation Commission. License #: MC-5112.

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