Rate Watch 7-30-2009

"Mortgage Bonds are trading lower today. In the news, Initial Jobless Claims rose slightly more than expected. However, the closely watched four-week moving average fell for a fifth straight week to the lowest level since January. Continuing Jobless Claims also fell for a third straight week to the lowest since April--but this number may be misleading since many people are coming off the list because their benefits have simply run out.With Bonds struggling this morning and a hefty Treasury auction on tap today that may pressure Bonds, I recommend locking. The good news is, despite all the chaos of the markets, the 30-year mortgage rates are still near multi-year lows and still present a great opportunity." Feel free to call me at any time 801 668 2112.