Rate Watch 7-7-2010

Alert to Lock: 
Mortgage Backed Securities had another great day today, but closed near a ceiling of resistance, matching Friday’s high. Prices are still overbought & susceptible to profit taking so now is a great day to lock in as we anticipate that prices will be unable to break thru this overhead resistance. Stocks started the day by rallying back from a deep slump, as an encouraging forecast from Australia’s central bank fueled optimism for stronger global demand. Even after giving up most of its gains during the last hour of trading, the Dow ended up 57 points on the day @ 9,743. Crude oil finished the day lower @ $71.90. If you or someone you know is considering buying, selling or refinancing please contact me at 801 668 2112.