Rate Watch 8-13-2010

Cautiously Floating:
Mortgage Backed Securities ended the day in positive territory as a mixed bag of Economic Reports were released early this morning. CPI rose 0.3% in July, just above the 0.2% that was expected. Retail Sales for July came in at 0.4%, just below the 0.5% expected. When stripping out autos, sales matched estimates of 0.2%. This weak reading is a result of a sluggish recovery in the labor market and overall economy. Stocks spent most of the day on a see-saw, but ended the week lower. The Dow slid 16 points to 10,303. Crude Oil settled at $75.60/barrel down $.14. If you or someone you know is considering buying, selling or refinancing please contact me at 801 668 2112.