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Daily Mortgage Stance

Mortgage Bonds are rebounding today after yesterday’s sell-off, which was triggered by jittery sellers in the afternoon session after the Fed had exited for the day.

Weakness in the Stock markets triggered by poor manufacturing data from China coupled with U.S. investor profit taking is also helping to support higher Bond prices this morning.

Initial Weekly Jobless Claims were inline with expectations, while Existing Home Sales will be released this morning.

We will continue to recommend locking in the short term, which is measured by a few days to a few weeks. Longer-term, floating is prudent.

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