Good Morning,
Mortgage Bonds are trading lower this morning, erasing some of yesterday afternoon's gains.
In the news today, Consumer Confidence for September was reported quite a bit lower than expectations. On the news, Stocks reversed lower, helping Mortgage Bonds improve from their worst levels. Also today, the Case-Shiller Home Price Index came in better than expectations and may indicate that that the worst of the housing price declines are behind us.
I recommend floating for now. But with the nearest floor of support sitting 50 basis points beneath the current level, be prepared to lock quickly if the situation changes -- I will certainly keep you posted. In the meantime, I truly hope that you enjoy the rest of your day. If there is ever anything that I can do for you, please let me know.
Tuesday, September 29, 2009
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