US Mortgage Applications rose for the 3rd straight month. House Price Index due at 10 AM.
The US Mortgage Applications for the currrent week rose by 2.8%. Both the Purchase, +1.3% and the Refinance Index, +4.0%, rose in the week. The average rate on rose to 5.31% for the current week from 5.05% last week.
The housing market is stabilizing but at very low levels. Housing Starts and Building Permits both rose last week. At the same time, however, foreclosures remain at record levels.
This morning despite the Apple earnings, pre market stocks are down. The Dow has move higher for 7 straight days and may be feeling a bit too optimistic at current levels. Oil prices are down about $0.50. Gold is near unchanged levels.
The UK Monetary Policy Committe minutes suggest faster than expected GDP momentum and that CPI may be higher than expectations. They announced they will keep the scale of the purchase program under review.
At 10 AM the US House Price Index for May will be released. The expectation is for a declne of -0.2% for the month. Last month, prices fell by -0.1%. House prices remain depressed. FOMC Bernanke speaks again on Capitol Hill at 10 AM.
In Canada, Retail Sales for the month of May will be announced. The expectation is for a gain of 0.5% after a decline of -0.8% last month. The trend in the declines have slowed. Yesterday the BOC kept rates unchanged but warned about the currency gains of late.
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