The Mortgage Update

Home prices rose faster from March to April than they ever have in the history of the index. The composite index of 20 metropolitan areas gained 2.6 percent—which included Detroit. Treasuries gained overnight as they appear to be consolidating after the recent sell off, but sentiment remains fragile. The U.S. will sell $35 billion in five year notes today to start this week’s auction cycle and GDP is due out at 8:30.