Market Comment

Mortgage Bonds are near unchanged, but much improved from the worst levels of the morning.
In the news, Existing Home Sales were reported far higher than expectations, and the inventory of unsold homes dropped to a 7-month supply, which is the lowest in 2 1/2 years. These are encouraging signs for the housing market.
I recommend floating for now, but be prepared to lock if the record Treasury Auction this afternoon impacts the Bond market. I will continue to monitor the situation and keep you posted.

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