The stock market continued its winning ways today. The Dow hit another milestone at 18288.63, up 155.93 on Monday. The S&P 500 followed right along up 12.39 to close at 2117.39. The NASDAQ has quietly made a run but today it made a lot of noise closing above 5000 for the first time in 15 years.stocks look good That’s right, 15. NASDAQ finished out trading today up 44.57 at 5008.10.

Mortgage rates are still on their gradual mortgage rise so we may finally be seeing a more traditional break. The 30 year mortgage bond closed down -12/32 from Friday’s close down to 101.17. Freddie Mac confirmed this upward trend as it released last week’s mortgage survey. According to Freddie, the 30 year fixed rate loan averaged 3.80%, up four basis points from 3.76% to 3.80%, the highest readings of the year. Mortgage rates for investors are approximately 0.25% higher.

Investors here had a bit of momentum going into today’s trading as China once again cut a key lending rate, twice such a move in three months, indicating a willingness to admit the slowdown is real and China is willing and able to deal with a slowing economy. Investors on Wall Street welcomed the news and opened higher at the bell and never looked back.

While Fed Chair Yellen’s semi-annual testimony before Congress ended without much fanfare last week reiterating her “patient” remarks yet there are others who are still thinking June is the perfect time to begin a rate increase. Mortgage markets seem to agree and have been on an upward move since mid-February. There are no signs of inflation anywhere here with falling prices getting more notice as the price of oil and other commodities is hitting the retail and wholesale customers. The big reports this week will be Friday’s unemployment report and non-farm payroll numbers.