Mortgage Rate watch 6-12-09 from Leonard Winslow
Mortgage Bonds are trading higher today, as they follow through on yesterday's rally. Conversely, Stocks have come back down after their good day yesterday. Helping give Bonds a boost this morning is news that the Paulson & Co. hedge fund is purchasing distressed debt and Mortgage Backed Securities.
In other news, Consumer Sentiment came in at its highest level in 9 months. Since the number was close to expectations, however, the markets have not reacted to the news so far this morning.
Currently, Mortgage Bonds are sitting in a comfortable range, while still riding positive technical signs. Therefore, I recommend floating for now. But, remember, the market is very volatile right now, so be prepared to lock if the situation changes.
The mortgage bond market is improving at this time. You may be able to float today but be cautious. The market is very volatile at this time and this could change rapidly.
Leonard Winslow
Dominion Trust Mortgage
This is only an opinion and is not a reconmendation. Each transaction has different circumstances and you should act accordingly.
In other news, Consumer Sentiment came in at its highest level in 9 months. Since the number was close to expectations, however, the markets have not reacted to the news so far this morning.
Currently, Mortgage Bonds are sitting in a comfortable range, while still riding positive technical signs. Therefore, I recommend floating for now. But, remember, the market is very volatile right now, so be prepared to lock if the situation changes.
The mortgage bond market is improving at this time. You may be able to float today but be cautious. The market is very volatile at this time and this could change rapidly.
Leonard Winslow
Dominion Trust Mortgage
This is only an opinion and is not a reconmendation. Each transaction has different circumstances and you should act accordingly.
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