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While it's nothing on the scale of NFP Volume or even some of the other bigger days last week, Treasury volume picked up substantially into the 9:30am opening bell for stocks. The latter have surged to fresh 5 year highs in short order with cash S&P's at 1516.65.

10yry yields are now looking like they're making a major technical rejection of the 1.93's and have shot quickly higher to 1.975. MBS have essentially continued to hold the same underperformance vs Treasuries and thus are even worse off with Fannie 3.0's now down to 103-01.

Prices have been a moving target. Any lender that's already out with rate sheets is likely to reprice for the worse.

More from MND:

• Pipeline Press: Freddie's Non-Usage Fees; LO Comp, Land Sales, and Reg. E Tidbits - It's a Compliance World
• MBS Commentary: The Day Ahead: Recent Volatility Might be Logical
• MBS Commentary: MBS RECAP: Another Hopeful Morning Dashed by Defensive Reality
• Mortgage Rate Watch: Mortgage Rates Near 2013 Highs to Start Week
• MND NewsWire: MBA Highlights Opportunity For Private Capital Risk-Sharing With GSEs

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