Rate Watch 2-11-2010

Alert To Lock:
Mortgage Backed Securities are lower this morning as a result of a poor FED auction. Yesterday’s Treasury Auction was poor as well. The Fed is selling Treasury Notes and Treasury Bonds at record levels to service the massive Federal Debt. As the auctions continue to go poorly the Fed will be forced to raise the return on the sale of Treasury bonds and notes and that will take investors from mortgages to treasuries thereby raising mortgage rates. Initial Jobless Claims came in below expectations and Continuing Claims fell to the lowest in 13 months. Despite the better-than-expected Initial Jobless Claims reading Stocks are up so far this morning. Crude Oil is up @ $75.19. If you or someone you know is considering buying, selling or refinancing please contact me at 801 668 2112.