Treasuries are down this morning as traders look for guidance in a slow news day. The stock indices also lack a clear direction and are currently hovering near unchanged levels. There are no major economic releases slated for today but there were a couple of minor ones. In industry news, the Mortgage Bankers Association said today that its application index rose last week by 5.5%. Both purchase and refinance applications made gains with the purchase index rising by 5.2% and the refi index by 6.0%.