Mortgages are mixed this morning. Mortgage Bankers Association (MBA) Mortgage Applications were up 0.1% for the week ending February 27. That's compared to the previous week's decline of 3.5%.

Jobs... Jobs... Jobs... ADP Employment Change came in at 212K vs. 219K consensus and effectively flat vs. 213K in December. Recently, ADP has been underestimating on average by 32K, of the last 5 reports 3 were underestimated to the 2 overestimations. However, this is nothing that seems to have concerned the markets this morning.

On Tuesday, European stocks suffered their largest losses in a month with financials and automakers leading the charge lower. U.S. equities felt pressure as many investors chose to take profits, pushing markets off of their recent all-time highs. The DOW lost 85.19 points to close at 18,203.44 while the S&P slid 9.61 points to 2,107.78.

Prior to the Friday employment report, tomorrow the ECB will officially announce its QE program. History suggests the ECB will not do as much as markets want, or expect; meanwhile Draghi has been saying he is all in for a major stimulus. Falling short would be a sight support for US interest rates.

Prices on U.S. 10-year treasuries fell again Tuesday as they continue to be marginalized by a supply of higher yielding corporate bonds and tentative traders awaiting Friday's Nonfarm Payroll numbers. On Tuesday the benchmark 10-year notes lost 11/32nds to yield 2.12%.