Nothing is happening.  This was the theme of the Day Ahead, and nothing has changed.  In fact, just hours after making fun of a Bloomberg article that mistakenly attributed recent Treasury weakness to oil price gains, I was pleased to see a somewhat redeeming article that does a better job of getting to the heart of the matter: Take Off Friday and Monday Because Most Bond Traders Already Do.

Bonds gained some ground, largely because they lost ground yesterday.  Trading lacks conviction in general and the swings have largely been occurring inside an established trend.  Prodding one end of the trend prompts a move toward the other side, etc.

2015-4-10 Dashboard 10yr

The overnight session was uneventful, and just slightly stronger for bond markets.  MBS opened roughly 4 ticks higher than yesterday's closing levels, and despite some mid-day volatility, are another tick higher now.  There's nothing of note on the calendar for the rest of the day.  Cruise Control.

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
102-14 : +0-05
FNMA 3.5
105-04 : +0-02
FNMA 4.0
106-26 : -0-01
2 YR
0.5520 : +0.0000
10 YR
1.9420 : -0.0211
30 YR
2.5810 : -0.0170
Pricing as of 4/10/15 12:49PMEST

Morning Reprice Alerts and Updates
A recap of Alerts and Updates provided to MBS Live subscribers.
10:47AM  :  ALERT ISSUED: Negative Reprice Risk Despite Positive Territory
10:21AM  :  Tradeflows Setting the Tone Again; Ebbs and Flows

Live Chat Featured Comments
A recap of featured comments from the Live Discussion on the MBS Live Dashboard.
Dennis Oleesky  :  "JT, they might require you to show corp tax returns because it is a family business with a large pay increase this year. Did the borrower qualify with their old income? that is really the question."
John Tassios  :  "Question for MBS Live, FHA Loan - W2 Borrower - works for Family corp business past 7 years as W2 employee, Jan 2015 received promotion to a manager and big pay raise. Will I be able to use 2015 income since W2 employee. Anyone familiar with family guidelines per FHA loan? "
Travis Waters  :  "LU - I had a power line tower near a home and FHA had an issue with it. I ended up getting a survey to show how far away the tower is from the home and a letter from the power company stating how high the tower is. U/Wer could see based on distances that the tower wouldn't fall on the house if it ever fell"
Leonard Ujkic  :  "anyone know about FHA Fall Zones? I have a home with a water tower near it "