Today's entire trading session centers on one key event: an overnight announcement that a Ukraine Ceasefire had been agreed to by both 'sides.'   Bond markets tanked immediately with 10yr yields moving almost instantly from 2.42 to 2.47.  Russia, however, was quick to point out that they cannot agree to a ceasefire since they are not part of the conflict.  Markets found that to be mostly hilarious and apart from one brief knee-jerk, the headline did nothing to materially change the weaker levels (or stronger levels in stocks).

So essentially we're left with the one overnight market mover setting the weak point of the day for bond markets with everything since then being a slow slog back in the other direction.  We didn't have enough progress to keep MBS from opening well into negative territory, but as the morning progressed, we're there now.  Treasuries are close, and once again, the geopolitical trading excuse is shown to be not nearly as important as the underlying impetus of European QE (and general European economic weakness).

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
99-05 : +0-02
FNMA 3.5
102-23 : +0-02
FNMA 4.0
105-28 : +0-03
2 YR
0.5240 : -0.0040
10 YR
2.4280 : +0.0090
30 YR
3.1740 : +0.0010
Pricing as of 9/3/14 12:39PMEST

Morning Reprice Alerts and Updates
A recap of Alerts and Updates provided to MBS Live subscribers.
9:06AM  :  Much Weaker Overnight on Ukraine Ceasefire Headlines; Bouncing Back a Bit

Live Chat Featured Comments
A recap of featured comments from the Live Discussion on the MBS Live Dashboard.
robert clark  :  "We just closed one with Stearns and supplied copies of the request to close the accounts. All of the payoffs were on the hud"
Mike Drews  :  "ahhh..the first one of the refresh 48 hours before close shows new $230/mo doesn't qualify DTI @2 60.5"
Ben Biscoe  :  "so have them close it now and then get a payoff and show on the HUD "
Jason Zimmer  :  "closing account needs to be done prior to since you need the letter. paying off can be at closing"
robert clark  :  "At closing"
Ben Biscoe  :  "paying off and closing revolving debt to qualify, can that be done on the HUD at closing or does it have to be done prior to closing? "
Ira Selwin  :  "Check this chart -"
Ira Selwin  :  "hpml, but you also have HPCT to deal with"
Andy Pada, Jr.  :  "HPML only applies to primary residences?"
Matt Hodges  :  "nice Day Ahead MG. interesting 10 year charts"