| Last | Change | Percent | |
| S&P Futures | 2102.9 | 0.8 | 0.04% |
| Eurostoxx Index | 3620.5 | 13.4 | 0.37% |
| Oil (WTI) | 52.64 | -0.4 | -0.75% |
| LIBOR | 0.289 | 0.003 | 1.05% |
| US Dollar Index (DXY) | 96.9 | 0.256 | 0.26% |
| 10 Year Govt Bond Yield | 2.42% | 0.02% | |
| Current Coupon Ginnie Mae TBA | 103.7 | 0.4 | |
| Current Coupon Fannie Mae TBA | 102.7 | 0.4 | |
| BankRate 30 Year Fixed Rate Mortgage | 4.21 |
Stocks are flattish this morning as economic data and earnings pile in. Bonds and MBS are down.
Janet Yellen will testify in front of the House Financial Services Committee this morning at 10:00. Her prepared remarks are here. She is basically saying the economy is expected to re-accelerate after the Q1 weakness, and if that plays out as expected, the Fed will probably make the move off the zero bound later this year. The rest of the testimony will generally consist of Republicans trying to get her to say that government spending and taxes are too high, and Democrats trying to get her to say that income inequality is the biggest threat to our planet today.
Mortgage Applications fell 1.9% last week, as purchases fell 7.5% and refis rose 3.7%.
Inflation at the wholesale level came in a little hotter than expected - 0.4% on the headline number, and 0.3% on the ex-food and energy number.
Industrial Production rose 0.3% in June, a little better than the 0.2% expectation. Capacity Utilization rose to 78.4% from 78.2% last month. Manufacturing Production was flat. The Empire Manufacturing Index came in at 3.86. So manufacturing rebounded a little after a dismal start to the year.
Bank of America reported better than expected earnings this morning. Mortgage origination increased 40%.
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