Rate Watch 4-19-2010

Alert to Lock:
Mortgage Backed Securities are down this morning after closing above a critical level of support on Friday. With MBS unable to sustain gains from Friday now is a good time to lock loans that are currently floating. Stocks are down as well this morning and crude oil has been seesawing all morning but is currently up at $81.70 per barrel.
The Goldman Sachs story continues to unfold, after the Securities and Exchange Commission brought charges of fraud against the company last Friday. European politicians are now calling for their own probe of Goldman Sachs' dealings – and there is even speculation that the firm helped Greece mask the country's true budget deficit. Goldman Sachs says the charges are “Unfounded” and is promising a vigorous defense. From a political standpoint the timing of the charges will help the Obama administration push thru their Financial Reform Agenda. One of the by-products of the Financial Reform may be the striping away of the Federal Reserve Banks independence. This would be disastrous for our economy and our country. If you or someone you know is considering buying, selling or refinancing real-estate please contact me at 801 668 2112.