In its monthly National Housing Survey, Fannie Mae reported that home prices may enter the purchase market sooner rather than later as people feel that mortgage rates and home prices to rise. Within the survey it showed that those who feel that mortgage rates will go up in the next 12 months rose by 11% to 57%, the highest level in the three-year history of the survey.

As the housing market continues to recover, delinquencies around the country have fallen 43% from the peak levels of 2010 as reported by Lender Processing Service (LPS). In addition, the number of borrowers who are underwater on their current mortgage has declined by 47% from Q1 2012 to Q1 2013. In addition, LPS reported that originations were up 1.8% in April from March to 835,000 new loans originated.

There are no economic data points set to be released today and the rest of the week's economic calendar is on the light side this week. Stocks are starting the week to the upside ahead of the start of quarterly corporate earnings season begins today. The big event this week will be the minutes from the June 19 Federal Reserve meeting. The members most likely discussed the ongoing stimulus program dubbed QE III and how long the Federal Reserve will continue to stimulate the U.S. economy.