Unless we get a rebound quickly, a price change for the worse will be in vogue

The note auction hit the tape at 3.448%, Indirect bidders took 34.9%, and the issue produced a 4.3 bps tail.  Give this one a C with most Professors wanting to give it a D for Dog.  Expectations were for something much better so this has sideswiped the credit markets.  Currently we are trading fast money conditions with the 10 year note down 12/32’s (yield 3.44%), mortgage backs off 9/32’s, and stocks off 4 points.  Unless we get a rebound quickly, a price change for the worse will be in vogue.

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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