Daily Market Comment
Mortgage Bonds are higher so far this morning, remaining above support at the 25-Day Moving Average.
In the news, signs of the bottoming process continue as Housing Starts for August came in at the highest level since last November. Building Permits came in a bit lower than expected, but overall the report suggests that the worst in the housing market may have passed. Also today, Initial Jobless Claims were reported lower than expected.
I recommend floating for now, as I monitor Treasury's announcement later today regarding next week's auctions. Recent auctions have been well received and have therefore helped to support Bond prices. I will keep you posted of any major developments.
Leonard Winslow, Dominion Trust Mortgage
434-760-2580 (cell)
leonard.winslow@dominiontrustmortgage.com
www.dominiontruistmortgage.com/leonard.winslow
Licensed by the Virginia State Corporation Commission. License #: MC-5112.
In the news, signs of the bottoming process continue as Housing Starts for August came in at the highest level since last November. Building Permits came in a bit lower than expected, but overall the report suggests that the worst in the housing market may have passed. Also today, Initial Jobless Claims were reported lower than expected.
I recommend floating for now, as I monitor Treasury's announcement later today regarding next week's auctions. Recent auctions have been well received and have therefore helped to support Bond prices. I will keep you posted of any major developments.
Leonard Winslow, Dominion Trust Mortgage
434-760-2580 (cell)
leonard.winslow@dominiontrustmortgage.com
www.dominiontruistmortgage.com/leonard.winslow
Licensed by the Virginia State Corporation Commission. License #: MC-5112.
Thank you for valuable tips.
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