The roller coaster theme of recent weeks continues. Yesterday mortgage backed securities were unable to hold onto impressive early morning gains following weak demand at the 2 yr Treasury note auction. After the results were announced MBS gave back all the gains that had been built up in the first half of the trading session. Most lenders passed along better rate sheets just before noon eastern, but took back the gains a couple hours later, bringing mortgage rates back to status quo on the day. We do get another round of auctions today and tomorrow so be prepared for the possibility that the road ahead will remain bumpy....