Daily Market Update 6/22/12

Mortgage rates held steady Friday in quiet trading, with no key economic data scheduled for release.  Yesterday, ratings agency Moody's downgraded the credit ratings of 15 major international banks, including several of the largest U.S. banks.  Investors showed little reaction to the news, which had been expected.  Next week, Durable Good Orders will be released on Wednesday and the Core PCE price index on Friday.  Also, the Treasury will auction 2-, 5-, and 7-year notes over three days beginning Tuesday.  The main focus of investors is likely to be the EU Summit, which begins next Friday.