Dismal Economic News

Mortgage Bonds are trading near unchanged but are off their worst levels of the session after some dismal economic data that hit today. Weekly Jobless Claims rose, the Philly Fed Manufacturing Index along with Existing Home Sales declined in the latest month.


However, Mortgage Bonds continue to move in a sideways pattern below resistance and near all-time highs with no clear catalyst to push prices higher due to the recent rally in the Stock markets.

I will continue to recommend a short-term locking bias, which is measured in days and weeks. In the longer-term, I still feel that floating is prudent due to the weak economic data along with the headwinds from the troubled Eurozone.

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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