Market Comment

Mortgage Bonds have started the New Year to the upside; however, prices still need to break out of the worsening trend they have been in since November 25th.
In other news, last week the Fed purchased just $9.3B in Mortgage Backed Securities. With the Fed buying fewer Mortgage Bonds and wrapping the program up entirely at the end of March, any improvement in rates may be modest at best. Also, Atlanta Fed President Dennis Lockhart will be speaking later today and this could impact the markets.
I recommend floating for now to see if Bonds can stabilize but I will let you know if we need to change course."

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