If you're just getting caught up with this morning's events, first thing's first: NFP was much stronger than expected (321k vs 230k forecast).  As with any 90k+ beat in the history of the economic world, bond markets sold off immediately.  But the ultimate severity of that sell-off struck many observers as being relatively mild compared to what the data might suggest.  10yr yields "only" rose to 2.33 before bouncing back down to 2.28.  Even in this morning's Day Ahead, I discussed 2.35 as an upper end target in the case of a major beat (and this was certainly a major beat).

Although the initial sell-off was less intense and the bounce back was impressive, bond markets have been leaking back toward the day's weakest levels ever since.  10yr yields are grinding up around 2.328 currently and Fannie 3.5s are down half a point at 103-20.  There hasn't been any other data that's meaningfully impacted trading levels. 

Unfortunately, more than a few lenders priced during the brief recovery and have since been forced to reprice.

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
100-10 : -0-19
FNMA 3.5
103-20 : -0-15
FNMA 4.0
106-14 : -0-09
2 YR
0.6470 : +0.1030
10 YR
2.3260 : +0.0900
30 YR
2.9940 : +0.0590
Pricing as of 12/5/14 1:04PMEST

Morning Reprice Alerts and Updates
A recap of Alerts and Updates provided to MBS Live subscribers.
10:46AM  :  ALERT ISSUED: Some Potential Reprice Risk Depending on Lender Strategy
10:12AM  :  Two Major Caveats in Employment Numbers (Possibly/Probably Helping)
8:38AM  :  Huge NFP; 321k vs 230k Forecast; Bond Markets Obviously Not Happy

Live Chat Featured Comments
A recap of featured comments from the Live Discussion on the MBS Live Dashboard.
Matthew Graham  :  "Last year, 421k non-adjusted became 203k. This year 497k non-adjusted became 321k"
Matthew Graham  :  "seasonal adjustments were a bit aggressive too DS"
dshpuntov  :  "Is the reaction to the #'s really not as bad all because of Europe? I thought we'd see a much higher runoff (not that I'm complaining)"
Sung Kim  :  "this is a very odd reaction, we should be completely and utterly destroyed"
John Tassios  :  "TSY's still holding their own"
Matthew Graham  :  "read this: http://mndne.ws/1I8YjGH"
Matthew Graham  :  "let's look at the adjustment factor"
Oliver Orlicki  :  "revisions up too"
Oliver Orlicki  :  "going to be an ugly day"
Matthew Graham  :  "RTRS- U.S. NOV JOBLESS RATE 5.8 PCT (CONSENSUS 5.8 PCT) VS OCT 5.8 PCT (PREV 5.8 PCT)"
Matthew Graham  :  "RTRS- U.S. NOV NONFARM PAYROLLS 321,000, LARGEST INCREASE SINCE JAN 2012 (CONSENSUS +230,000) VS OCT 243,000 (PREV +214,000), SEPT 271,000 (PREV +256,000)"