The last three week of mortgage rate improvements were canceled out within hours on Friday in reaction to the April unemployment data.  This resulted in the largest single day increase to the 10 yr. note in a number of years.

With little to no economic data on this weeks calender, all eyes will be on Europe and China for any major impact on rates.

Treasury will hold auctions on Tuesday and Thursday and Ben Bernanke is expected to speak on Friday to address last weeks events.

- Michael Corboy