The morning has been exceedingly quiet so far, with no volatility to speak of.  MBS and Treasuries were both approaching the weakest edge of their recent ranges (in effect for most of June), and with moderate overnight strength, simply maintained those ranges.

With just over 2 hours to go until the FOMC Announcement, it doesn't look like trading levels will find cause to head back to range boundaries before then.

There were no significant economic reports this morning and no market-moving headlines.  Stocks are just slightly lower, but still near yesterday afternoon's latest levels.  Fannie 3.5s have been trading between 2 and 6 ticks better, averaging an eighth point gain.  10yr yields have been averaging 2bps of improvement at 2.633.  The upper range boundary is at 2.66.

MBS Pricing Snapshot
Pricing shown below is delayed, please note the timestamp at the bottom. Real time pricing is available via MBS Live.
FNMA 3.0
97-22 : +0-05
FNMA 3.5
101-27 : +0-04
FNMA 4.0
105-04 : +0-03
2 YR
0.4718 : -0.0122
10 YR
2.6332 : -0.0198
30 YR
3.4294 : -0.0166
Pricing as of 6/18/14 11:57AMEST

Morning Reprice Alerts and Updates
A recap of Alerts and Updates provided to MBS Live subscribers.
9:26AM  :  Bond Markets Hold Technical Support Overnight, Slightly Stronger This Morning

Live Chat Featured Comments
A recap of featured comments from the Live Discussion on the MBS Live Dashboard.
Brent Borcherding  :  "It's not just investors. I wish I had some data on how many of these people bought with cash and did delayed financing. Money is so cheap, I don't know why they wouldn't."
John Tassios  :  "On my end, Realtors are telling me they are seeing more and more all cash home purchases, so that could also explain drop in mtg apps"
Brent Borcherding  :  "That's as good a theory as any, MG."
Matthew Graham  :  "on an unrelated note, I'm wondering what you all think about the reported decrease in mortgage apps last week. I don't want my personal conclusion to get in the way of objective analysis, but I know around here, there is probably less big-ticket financial business being conducted last week and this week due schools getting out. Thoughts?"
Matthew Graham  :  "really, it doesn't need to be any more complicated than 'the range.' Take a look at the teal lines in the day ahead. Bouncy bouncy."
Matthew Graham  :  "as far as the overt 'cause&effect' type motivations referenced in big media, no."
Frank Hanna  :  "Any reason behind the am positive movement?"
Matt Hodges  :  "nice day ahead set up, mg. "