Rate Watch 2-19-2009

Alert to Lock:

Continued Volitile sideways trading with Mortgage Backed Securities.

President Obama announced two initiatives to help homeowners avoid foreclosure. One is a refinancing program for homeowners with less than 20% equity in their homes, or who owe more than their home is worth. The second program attempts to lower monthly payments for homeowners at risk of losing their homes.

In other news, Initial Jobless Claims showed that 5 Million Americans are now unemployed and cannot find work.