Rate Watch 8-27-2010

Alert to Lock:
Today's big event and the highlight of the week was the much anticipated speech by Fed Chairman Ben Bernanke at the Fed's Annual Symposium in Jackson Hole, Wyoming. Federal Reserve Chairman Ben Bernanke appeared to dismiss the deflation scenario, stating it wasn't much of a risk as the Fed has the tools to combat deflation. Bernanke went on to say that he does not see a double dip recession, but continued growth, albeit at a slower pace. Mr. Bernanke stated that it is reasonable to expect some pickup in growth in 2011 and subsequent years. Bernanke went on to say that the Fed is already supporting the economic recovery by maintaining an extraordinarily accommodative monetary policy, using multiple tools. Should further action prove necessary, Bernanke said policy options are available to provide additional stimulus. Mortgage Backed Securities had a sell off day. There has been lots of news for the markets to digest. Stocks surged from the opening bell and ended the day at 10,064 up 168 points. Crude oil gushed higher up $1.71 to $75.77 per barrel. If you or someone you know is considering buying, selling or refinancing real-estate please contact me at 801 668 2112.