In The News...

There are no economic reports set for release today and there are just a few reports due this week. Initial Weekly Jobless Claims will be reported on Thursday with Consumer Sentiment on Friday.

The Treasury will sell a total of $72 billion in Notes and Bonds this week and the added supply could weigh on Bond prices this week. Mortgage Bonds are trading unchanged to slightly lower this morning. As Mortgage Bond prices fall, home loan rates tend to move higher and vice versa.

Stock markets are slightly lower this morning after the recent rally that has pushed prices higher. The S&P 500 Stock Index, the most closely watched by traders and investors around the globe, has risen nearly 7% this year and is off to its best start since 1987.

In the housing markets, home prices as a whole across the nation have declined 33% since their peak in 2006. With 12 million homes underwater on mortgages or owe more than what the house is worth, the Obama administration has come up with a plan to help those in need of refinancing that currently can't refinance. But the plan could get pushback from Congress as the White House would require the plan, if passed, to have a fee imposed on large financial institutions to fund the program.

Brought to you, courtesy of The Mortgage Market Guide