Rate Watch 6-22-2010

Cautiously Floating:
Mortgage Backed Securities are trading near all time best levels and that means that rates are near all time lowest levels. This cannot last long enough that’s for sure. MBS Face a very formidably layer of resistance but continue to trade in positive territory so far today. Stocks are having a slow day so far and the DOW is near unchanged levels @ 10,445. Crude oil is down slightly today @ $77.50. Existing Home Sales were reported considerably lower than expectations; however, the inventory of unsold existing homes slightly improved from the prior month's reading. Today the FED starts its two day meeting to discuss the direction of the economy and interest rates. If you or someone you know is considering buying, selling or refinancing real estate please contact me at 801 668 2112.