42 billion of 5 year notes hit the screen to yield 2.54% with 49% going to the Indirect bidders

42 billion of 5 year notes hit the screen to yield 2.54% with 49% going to the Indirect bid.  Direct bidders (Wall Street) took 14% with a bid to cover of 2.75 to 1 (average is 2.69%).  Good news is that the yield came in on the screws (no tail),  bid to cover was above average, and Indirect buyers were strong.  Not so good news is that the “street” stayed away.  We’ll give it a B.  Market reaction has been one that has stabilized the down draft (stopped the selling).  Next market mover will be the FOMC.  Buckle up!

About Max Leaman Austin Mortgage

GREAT RATES, LOW FEES, CLOSE ON TIME™ ---- 2012 Ranked #1 Austin Residential Mortgage Lender (Austin Business Journal) 2010, 2011 & 2012 Five Star Professional (Texas Monthly) 2009, 2010, 2011, 2012, 2013 PrimeLending Chairman's Circle Award 2009, 2010, 2011, 2012 Scotsman Guide Top Originator (Top 200 Mortgage Professionals in U.S.A.) Better Business Bureau "A+ Rating" National Lender Rankings (Scotsman Guide): Top Purchase Volume (No. 10) Most Loans Closed (No. 32) Top Dollar Volume (No. 88)

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