Rate Watch 9-1-2009

Cautiously Floating:
After volatile up-and-down trading earlier this morning, Mortgage Backed Securities are up nicely, while Stocks are now down -170. Crude oil is near unchanged this morning at $70.52. Pending Home Sales more than doubled expectations last month, making July the sixth consecutive month of gains. (Good signs for the US Economic recovery) This marks the longest streak on record and bodes well for the housing industry. Also this morning, the ISM Index came in at its highest reading since June 2007, indicating some nice growth in the manufacturing sector. A note of caution about the US economic recovery is that the recovery is happening without job creation and employment numbers rebounding. This is concerning and is something that cannot continue long term. If you or anyone you know is considering buying, selling or refinancing please contact me at 801 668 2112.