Mortgage Backed Securities are Minus 40bps this morning and puts the 3 day total above 100bps.

The Chicago PMI came in at 61.1 rising from the 56.6 reading last month and well above the 51 that analysts expected. Last month the same reading slipped and gave investors pause that the stimulus was not working. This reading tells investors that we were in a soft patch and the long term health of the economy may be just fine.

"The Greek parliament bore a gift to the financial markets Thursday, passing legislation that will implement further austerity measures and allow the country to get enough aid to avoid defaulting on its massive debts." This was taken directly from Marketwatch. This gives markets further reason to cheer. The fallout from a Greek default would have hit banks world wide. This reminds me of the childhood game where everyone hides and gets put in the can until someone can kick it and free everyone and start over hiding again. The days of our youth being played out on a world stage as a good old fashion game of "Kick the Can".

When it looked like Greece would default on their debt it took the 10 year Treasury yields to 2.83 and after the PMI report and the Greek vote it hit 3.21. A slow and steady growth forecast with no global worries will result in even higher rates.

Milwaukee mortgage rates are on the rise. It is time to lock at these historic lows

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