Rate Watch 3-24-2010

Alert To Lock:
Mortgage Backed Securities and Treasury Bonds are down big this morning due to a downgrade of Portugal’s credit rating. Many analysts believe that there are many more countries that are or should be on the watch list including the USA. Concerns about countries ability to service their national debt seem to be the big focus. Stocks are down in sympathy with Mortgage Backed Securities. Even Crude Oil @ $80.41 per barrel is down$1.50 in sympathy with economic problems around the globe. Durable Goods Orders were reported in line with expectations and have now seen increases for three straight months. This news added more selling pressure to Treasury Bonds and MBS. Very weak New Home Sales data hit the wires and helped Bonds recover some of their losses, but Bonds have turned south again. IF you or someone you know is considering buying, selling or refinancing please contact me at 801 668 2112.