Good Morning,
Happy Friday!
I hope your day is off to a fabulous start.
In the markets, Mortgage Bonds mounted an impressive reversal higher yesterday, after foreign participation in the 7-Year Note auction helped ease market concerns over excess supply and weak demand.
In today's news, Advanced Gross Domestic Product for the 2nd Quarter came in better than expected, while the 1st Quarter was revised lower. Overall, GDP has fallen four quarters in a row for the first time since government records started in 1947. The report also showed consumer spending is down, as consumer savings increased to the highest level since 1998.
Currently, prices are higher after some up-and-down movement earlier this morning. I recommend floating for now. But be prepared to act if the situation changes. I will certainly keep you posted as the situation warrants. Remember you can always follow me on Twitter @MortgageMinute for more up to date analysis as changes occur. In the meantime, if there is ever anything that I can do for you, please let me know.
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