Rate Watch 12-1-2010

Alert To lock:
Mortgage Backed Securities are trading sharply lower (Making Mortgage Interest rates higher) as Stocks around the globe trade higher on news that China's Purchasing Managers Index came in well above expectations and at a seven month high. This good economic news from abroad and is an encouraging sign for a jittery global economy that has been recently shaken by the woes in the Euro Zone. In U.S. economic news, the ADP (Automatic Data Processing) Employment Report was reported much better than expected and was a 3-year high. Crude oil is moving higher on news from the Obama Administration that drilling for Crude Oil would remain under a moratorium for the Eastern Sea Board and the Gulf of Mexico for the next five years due to the BP Oil spill. Crude Oil is moving higher on the news up $2.11 @ 86.17 per Barrel. Gas prices will most likely move higher. Lastly according to the USDA, pork prices are up 13% over last year, butter is up 25% while milk is higher by 6%. If you or someone you know is considering buying, selling or refinancing please contact me at 801 668 2112.