Market Comment

Mortgage Bonds opened modestly lower today, but then moved higher to test resistance at the 200-Day Moving Average before dropping down again.
In the news, the ADP Employment Report came in a bit worse than expected, but was still the best reading since March 2008. The Institute of Supply Management Services Index, however, was reported essentially in line with expectations. Overall, today's news indicates that the labor market has improved from its worst levels, but still remains somewhat weak.
With Bonds down from earlier highs this morning, I recommend locking at this time to take advantage of the nice run over the past couple days.

Leonard Winslow, New American Mortgage, Charlottesville
434-760-2580 (cell)
leonard.winslow@newamerican.com
www.newamerican.com/leonard.winslow
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