Rate Watch 10-7-2010

Cautiously Floating:
Mortgage Backed Securities continue to push higher in anticipation of another round of Quantitative Easing (QE2) by the Fed – with Mortgage Bonds hitting their best levels on record. The White House is currently reviewing legislation on home foreclosures. It was reported today that 20 % of US homeowners are in some sort of distress with their housing situation. On the flip side mortgage purchase application rose 14.3% last month signaling that buyers are in the market looking to pick up some of the deals in the market place and take advantage of the record low interest rates. If you or someone you know is considering buying, selling or refinancing please contact me at 801 668 2112.