Mortgage Update 6-27-2012

Mortgage Bonds are trading near unchanged and below a tough ceiling of resistance headed into tomorrow's closely watched Euro Summit.
In economic news, Durable Orders were reported better than expected, but the data didn't impact trading. Pending home sales will be released later this morning. This afternoon, the Treasury will sell $35B 5-Year notes and the results could influence trading.Home loan rates are hovering near record low levels, which gives the consumer an opportunity of a lifetime. I will continue to recommend a locking bias in the short-term, which is measured in days and weeks. In the longer-term, I feel that floating is prudent but don't get complacent with these ultra-low rates.



Leonard Winslow
Direct: 434-760-2580

E-fax: 434-688-0496

943 Glenwood Station Lane, Suite 200

Charlottesville, Va. 22901
mailto:leonard.winslow@newamerican.com
web: www.newamerican.com/leonard.winslow

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New American Mortgage is an Equal Housing Lender. New American Mortgage is licensed by the Virginia State Corporation Commission License #: MC-5112 and the State of North Carolina Commissioner of Banks L-142670. Interest rates and products are subject to change without notice and may or may not be available at the time of loan commitment or lock-in.