Rate Watch 1-26-2010

Cautiously Floating:
Mortgage Backed Securities are near unchanged levels so far this morning. Stocks up slightly again today after last week’s sell off. For the Month of January stocks are down 2 percent. Crude Oil pushes lower @ $74.58 per barrel. Concerns about Japan's credit rating are causing global investors to move money from Japanese Bonds into the safe haven of US debt, including Mortgage Backed Securities. This has the possibility of being positive for Mortgage Rates. President Obama calls for a 3 year freeze on some spending affecting Air Traffic Control, Interior Department, EPA and the Justice Department. The State Of The Union speech is scheduled for tomorrow evening. If you or someone you know is considering buying, selling or refinancing please contact me at 801 668 2112.