Taking a locking stance

Mortgage Bonds are trading near unchanged levels this morning in the absence of any economic or geopolitical headlines.

Stocks have traded higher each of the last 8 Fridays. And today is Quadruple Witching Day, where contracts for stock index futures, stock index options, stock options and single stock futures (SSF) all expire. Stocks have traded higher in each of the last eight September Quadruple Witching Days, dating back to 2004.

Of course, all trends are ripe to be broken, but if Stocks grind higher, which could be the case today, it could be at the expense of Bonds.

I feel that locking with rates matching all time lows still makes sense. 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: http://www.newamerican.com/leonard.winslow
http://www.facebook.com/CharlottesvillesLoanExpert
License #MLO-4817VA-NMLS #265272