Mortgage bonds took a beating in the last four trading sessions.  Today, they are up slightly on the session.

Bank of America posted better than expected earnings today, but it's been an otherwise tame day.  The Beige Book report hits on Wednesday, but it should be a relatively quiet week in terms of economic reports.

In the absence of economic reports, mortgage rates tend to ebb and fall with stock market news during earnings season.  With so many corporate forecasts reduced, companies have been beating their 'worst case' forecasts and that really helped the market build momentum last week

Bonds are sandwiched between support and resistance so rates should move this week.  Stay tuned to see which direction they go.

After Friday's sell-off, both Chicago mortgage rates and FHA rates are higher today.