Results of the auction were pretty good

Meant to post this yesterday

Results of the auction were pretty good with 25 billion priced at 3.47% (no tail), 2.81 bid to cover (2.61 average), and 47.5% going to indirect bidders.  Give it a grade of B.  Trouble is, the market is feeling a bit of indigestion.  The 10 year note was up 6/32’s prior to the auction but is now down 2/32’s.  Mortgage backs have cut their gains in half, bringing a worsening price change close to reality.  With the bond market closed tomorrow, expecting further gains (rally) is fool’s gold.  Be careful out there.

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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