Mortgage Update 06-28-2012

The Bond markets are trading higher as investors rush back into the Bond markets feeling that the EU Summit that begins today will not bring any new solutions to the ongoing crisis.
Also helping to support the Bonds markets was the report that Initial Jobless Claims remained stubbornly high at 386,000 in the latest week while the final reading for Q1 Gross Domestic Product remained at a paltry 1.9%.
Other headwinds today include the decision on the Obama Health Care Act and the Treasury selling $29B 7-year notes.I will continue to recommend a locking bias in the short-term, longer term floating. If anything changes, I will get back to you.

Leonard Winslow
Direct: 434-760-2580

E-fax: 434-688-0496

943 Glenwood Station Lane, Suite 200

Charlottesville, Va. 22901
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.