Rate Watch 3-23-2010

Cautiously Floating:
Mortgage Backed Securities are unchanged on the day after being up earlier in the session and finishing higher yesterday. Stocks are enjoying a nice day so far. The State of Virginia is the first to file a law suit over the recently passed healthcare bill. In the news today, Existing Home Sales for February were reported in line with expectations. However, the inventory number swelled to the highest inventory level since last August showing a 8.6 month supply of homes on the market for sale. Timothy Geithner is testifying before congress this morning. He is saying that the housing and finance system should ensure credit is available and will promote financial stability. Geithner is also saying that Fanny Mae and Freddy Mac should be abolished over the next 5 years. If you or someone you know is considering buying, selling or refinancing please contact me at 801 668 2112.