In general, Treasuries--or better yet, 'overall bond market momentum'--leads and MBS follow.  But it does happen the other way around sometimes.  Today is one such occasion.  MBS are outperforming and have made a much more steady comeback compared to Treasuries after both were in weaker territory in the first few hours of trading.

The disparity between the two is a multi-faceted issue.  Treasuries are a bit more closely tied to equities, which did not continue to fall after 10am.  Treasuries are also directly involved in the corporate debt hedging thought to be driving some of the broader momentum in bond markets.  MBS meanwhile, are more able to march to the beat of their own drum.

MBS Pricing Snapshot
Pricing shown below is delayed, please note the timestamp at the bottom. Real time pricing is available via MBS Live.
MBS
FNMA 3.0
98-11 : +0-08
FNMA 3.5
102-13 : +0-08
FNMA 4.0
105-14 : +0-08
Treasuries
2 YR
0.3346 : -0.0084
10 YR
2.5160 : -0.0200
30 YR
3.3750 : -0.0090
Pricing as of 5/20/14 12:03PMEST
Morning Reprice Alerts and Updates
A recap of Alerts and Updates provided to MBS Live subscribers.
9:59AM  :  Back into Positive Territory after Stock Open
9:19AM  :  Bond Markets Slightly Weaker After Calm Overnight Trading
Live Chat Featured Comments
A recap of featured comments from the Live Discussion on the MBS Live Dashboard.
jeff weaver  :  "is fannie mae limit on number of financed properties 10 including primary or plus primary?"
Jason Anker  :  "incl"
Sung Kim  :  "720 fico overlay for over 4"
David McBride  :  "6 unit investor purchase? Do all lenders consider this commercial property?"
Matt Hodges  :  "Fannie/Freddie/Ginnie do, DM"
Matt Hodges  :  "you might find a speciality portfolio, otherwise that's commercial"
dustin mcalister  :  "Is this correct? If a bank statement has the names of the couple on it like "bob smith mary smith" and only Bob is on the loan that you need a letter from mary stating he has access to the funds? "
Kenneth Crute  :  "yep DM "