Market Comment

Mortgage Bonds are trading a bit higher, but they're down from much better levels after prices approached resistance at the 50-day Moving Average in early trading and were turned back lower.

In the news, Consumer Confidence rose sharply in April to its highest reading since September 2008. This number is important because the more confidence consumers have, the more likely it is that they will help fuel the economy.

For now, I recommend floating. But with Bonds facing a tough ceiling of resistance and with another Treasury auction this afternoon, be prepared to lock if the situation changes.

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

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