More due to timing and coincidence than anything, we got a few negative reprices this afternoon.  Shortly thereafter, prices moved right back mid-point of today's trading range and never left.  That said, things were a bit weaker in Treasuries.

A small amount of weakness was intact after the overnight session, but bonds were able to move into positive territory just after 10am.  The most helpful factor was a stock market sell-off at the same time.  It would then prove to be unhelpful into the afternoon as Treasury yields moved higher with stocks. 

MBS are simply one step removed from that 'stock lever' movement, and thus lost less ground.  The incremental weakness in Treasuries could also have to do with the week's upcoming auction supply.

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
98-17 : -0-02
FNMA 3.5
102-12 : -0-02
FNMA 4.0
105-17 : -0-01
2 YR
0.5041 : +0.0121
10 YR
2.4871 : +0.0181
30 YR
3.2547 : +0.0117
Pricing as of 7/28/14 5:11PMEST

Today's Reprice Alerts and Updates
A recap of Alerts and Updates provided to MBS Live subscribers.
1:59PM  :  ALERT ISSUED: Bond Markets Under Pressure into PM; Negative Reprice Risk Rising Modestly
9:18AM  :  Bond Markets Slightly Weaker Overnight; Holding Ground in Domestic Session

MBS Live Chat Highlights
A recap of featured comments from the Live Discussion on the MBS Live Dashboard.
Matthew Graham  :  "lots of potential movement."
Victor Burek  :  "my opinion, everyone should before data starts on Wed"
Joseph Daquino  :  "I am locking"
Bryce Schetselaar  :  "anyone floating?"
Timothy Baron  :  "For example: 17 Calculate and document the net cash flow on the subject property according to the Fannie Mae Selling Guide. If the borrower is being qualified with the entire payment, without benefit of rental income, rental income documentation for the subject property is not required for qualifying purposes. However, the lender must report the monthly rent at delivery. Refer to the Fannie Mae Selling Guide for permissible sources for obtaining monthly rent for reporting purposes."
Timothy Baron  :  "DU specifies that market rent must be reported, even if not using rent to qualify."
Ted Rood  :  "Seems a bit above and beyond, Chip."
Chip Harris  :  "We are not using rental income, so the UW says we need to get a LOX from the appraiser as to the market rental conditions?? "
Kent Taylor  :  "FHA is 6% - So if Realtor get 4% from the builder, they could pay all 4%, in theory?"
Chip Harris  :  "Our DU shows this: If the borrower is being qualified with the entire payment, without the benefit of rental income, Form 1007 is not required. "
Chip Harris  :  "I have an underwriter insisting on this: If 1007 is not provided on the appraisal, provide LOX or opinion of market rent (for FNMA delivery)"