Rate Watch 5-19-2009

Cautiously Floating:
Stocks and Mortgage Backed Securities are near unchanged levels this morning after a bid day for stocks yesterday and some big losses for Mortgage Backed Securities yesterday. Oil is holding unchanged this morning at $59.17 per barrel after recent pricing run ups.
Housing Starts and Building Permits fell to record lows in April and though the numbers were weak, in the long run this could be a good thing because with fewer new homes being built, it will give the housing market opportunity to burn off existing inventory. Home Depot and Lowes have recently beat Wall Street estimates and have been leading stocks higher in recent days. If you or anyone you know are considering buying, selling or refinancing please contact me at 801 668 2112.