Fundamentals: All EU Summit Next 2 Days

Mortgage Applications (week ending 12/2)
-Purchase Index, Week/Week +8.3%
-Refinance Index, Week/Week 15.3%
-Composite Index, Week/Week +12.8%
-The fact is this: where mortgage rates are headed is dependant almost entirely on what happens in Europe. Flight to quality buying of U.S. Treasurys will send Treasury yields and mortgage rates down. We’ll see if it plays that way or the opposite as the Thursday-Friday EU summit transpires.