Rate Watch 6-3-2009

Cautiously Floating:
Mortgage Backed Securities are up today and enjoying a good day so far. Stocks are off this morning down 119 at the time of this report. Oil down $3 per barrel at $65.50. Bernanke is testifying on capital hill this morning telling congress that consumer spending is starting to pick up and the backlog of unsold homes is shrinking due to restrained construction. Additionally the good news for mortgage bonds today is that there not competing with the the Fed today selling Treasure Notes and Bonds. The Fed has been auctioning off bonds recently at record high levels to raise capital. If you or someone you know is considering buying, selling or refinancing please contact me at 801 668 2112.