In The News...

There are no economic reports due for release today. Initial Claims will be released tomorrow, while Retail Sales will be announced Friday morning.

The Mortgage Bankers Association (MBA) announced today that its Weekly Mortgage Applications survey rose 0.5% in the latest week. The refinance gauge increased 1.5%, while the purchase index gained 5.7%.

The debt crisis in Greece has eased over the past week and other European nations will probably not experience the same problems, said a former commissioner today.

Yesterday Chicago Fed President Charles Evans said that interest rates will stay low for "some time" and not the "extended period of time" language that has been used in the past 6 months. Mr. Evans said to reporters after his speech at the National Association for Business Economics that extended period mean 4-5 FOMC meetings.

Yesterday the $149B spending bill of tax breaks, unemployment aid and extended health benefits cleared a procedural hurdle and it will now go to the Senate, where it is expected to pass and then to the House.

Brought to you, courtesy of The Mortgage Market Guide