Mortgage Market Comment

Bonds are moving higher this morning but stay tuned…at 1:00pm ET, a whopping $44B in 2-year Notes are slated to be auctioned. If the auction is not well received, Bonds could move lower in a hurry.
In economic news, Consumer Confidence came in lower than expected as Americans continue to worry about the weak state of the labor markets.
On Capitol Hill, there could be a vote as early as today in the Senate to extend the $8,000 First Time Homebuyer tax credit. If passed, the bill will then go to the House on Thursday for approval.
For now, I will recommend to Cautiously Float but be aware of the looming auction results this afternoon, which could impact pricing. If anything changes, I will let you know.

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.