Daily Market Update 5/14/12

Mortgage rates hit new lows this morning as increased uncertainty in Europe has hurt stock markets and boosted mortgage-backed securities.  Greek political leaders remain deeply divided and have been unable to form a coalition government.  There is little support for the bailout package, which requires severe austerity measures.  As a result, the likelihood that Greece will leave the European Union has been increasing.  No key economic data will be released today.