Mortgage Market Comment

Bond prices are slightly higher this morning, but that ride could get a little bumpy later this afternoon when the Treasury announces the results of its $20 Billion auction of 10-year Notes. Yesterday's 3-year auction was well received and helped Mortgage Bonds close slightly higher.
Also in the news today, the Fed Beige Book findings will be released this afternoon and could have an impact on the markets.
I recommend floating for now. But with the looming auction this afternoon as well as the overhead resistance provided by the 200-Day Moving Average, sentiment could change quickly. I will continue to monitor the situation and let you know if a change of course is needed.

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.