Rate Watch 6-21-2010

Cautiously Floating:
Mortgage Backed Securities as well as stocks are seesawing near unchanged levels so for today. The big news today is word from China that it has let its Yuan trade more freely in the open markets, which could cause it to rise against the US Dollar. This is very significant and could have an adverse effect on interest rates. Crude Oil is up $1.25 today @ $78.41 Per Barrel. There are no economic reports today, but it will be an active news week. We have the 2-day Fed Meeting, which begins tomorrow and offers the rate policy decision and statement on Wednesday at 2:15pm ET. Housing numbers will be available Tuesday and Wednesday, followed by the last reading on 1st Quarter Gross Domestic Product on Friday. It promises to be another hectic week for the markets. If you or someone you know is considering buying, selling or refinancing please contact me at 801 668 2112.