Here is a snapshot of the stack...

Fn 4.0-> +0-21+ to 100-24

Fn 4.5-> +0-22+ to 102-06+

Fn 5.0-> +0-18+ to 103-02

Fn 5.5-> +0-20 to 103-13+

Fn 6.0-> +0-12 to 103-24

The feverish pace has slowed to a sizzle but we are nonetheless drastically outperforming the yield curve and swaps. The red boxes on the chart illustrate the time frame that lenders published rate sheets. Currently the 4.5 "street current coupon" is only a few ticks higher than when rates were distributed. If the stall is only a pause for a breather and bids continue to push higher then we expect to see some reprices for the positive. We got some muffled transmissions from the float boat...all we heard was "everyone refinance".

Stay tuned for alerts...