Market Comment
Money continues flowing into the US Bond market at an enormous pace on increasing fears of a global economic slowdown. During these uncertain times, investors seek a safe-haven by parking their funds in US debt, like Treasuries and Mortgage Bonds.
Existing Home Sales fell 27% from June to July on an annualized basis, while the inventory supply rose to a record high of 12.5 months. Sales of single family homes fell to the lowest rate in 15 years.
For now, I will recommend a Floating bias but with Mortgage Bonds near record levels, it could lead to a move lower. If anything changes, I will get back to you.
Leonard Winslow, New American Mortgage, Charlottesville
NMLS # 265272
434-760-2580 (cell)
leonard.winslow@newamerican.com
www.newamerican.com/leonard.winslow
Licensed by the Virginia State Corporation Commission. License #: MC-5112, V2563958, MLO-4817VA
Existing Home Sales fell 27% from June to July on an annualized basis, while the inventory supply rose to a record high of 12.5 months. Sales of single family homes fell to the lowest rate in 15 years.
For now, I will recommend a Floating bias but with Mortgage Bonds near record levels, it could lead to a move lower. If anything changes, I will get back to you.
Leonard Winslow, New American Mortgage, Charlottesville
NMLS # 265272
434-760-2580 (cell)
leonard.winslow@newamerican.com
www.newamerican.com/leonard.winslow
Licensed by the Virginia State Corporation Commission. License #: MC-5112, V2563958, MLO-4817VA
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