Good Morning,
I hope that your Wednesday is going strong for you.
In the Financial Markets Today, Mortgage Bonds are trading near unchanged levels and this comes after yesterday’s late day rally sparked by good results from the 2-year Treasury Note auction.
New Home Sales surged a tremendous 9.6% in July from June’s reading, signaling that the housing market is stabilizing. Adding to the positive tone of the report was a drop in inventories, which now stands at a 7.5 month supply from last month's 8.8 month reading.
I will continue to recommend Floating for now, but this afternoon the Treasury will auction more government debt and the results may influence pricing. If there are any changes, I will certainly let you know. In the meantime, if there is ever anything that I can do for you, please let me know.
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