Rate Watch 8-31-2009

Cautiously Floating:
Mortgage Backed Securities are starting off the week slightly higher but face some ruff overhead resistance to move higher and lower mortgage interest rates. Stocks are attempting to shake off some over seas concerns regarding the sharp decline in China's Stock Market.
The Chicago Purchasing Managers Index (PMI) came in right at 50 which is significantly better than last month. A reading over 50 indicates expansion for the US manufacturing. This is another positive sign for the beleaguered manufacturing sector and the US Economy.
There are no Treasury auctions scheduled for this week thankfully but Thursdays auction announcement regarding next weeks supply could shake things up.
If you or someone you know is considering buying selling or refinancing please contact me at 801 668 2112.