Rate Watch 10-1-2009

Cautiously Floating:


Mortgage Backed Securities are trading higher in response to worse than expected employment data. Stocks are showing weakness this morning as Bernanke on Capitol Hill saying that unemployment continues to be a problem and that growth is unlikely to happen fast enough to bring joblessness down.

There was some good news, as Pending Home Sales were reported far above expectations and Personal Spending for August rose at its fastest monthly pace in almost 8 years thanks in large part to the "Cash for Clunkers" program.

Currently, Mortgage Rates are still near all-time lows and present an incredible opportunity for customers. Be prepared to lock if today's announcement of next week's Treasury auctions causes the markets to stir. If you or someone you know is considering buying, selling or refinancing please contact me at 801 668 2112.