Australia will release its CPI data today.  It doesn't have any bearing on interest rates in the US, and there's no reason for you to know that it's happening.  The only reason I mention it is to drive home the point that there's so very little else going on.  The sky is the limit in terms of what we could discuss today.  But in the spirit of the season (summer vacation season), we'll keep this abnormally short and merely discuss a few thoughts about the near term trend.

As we know, rates had been heading higher for most of 2015 and then generally topped out in June.  We've been back near those early June highs on 2 distinct occasions with the most recent being last Monday morning.  Rather than come stampeding back toward the lower rates seen earlier in the month, bond markets have gotten caught up in this vacation vibe and all passionate momentum has left the building. 

Fortunately, there are two decent technical levels we can watch for an indication of which way momentum is breaking (when that finally happens).  In terms of 10yr yields, those are 2.40 and 2.34.   Neither are very far away from Monday's closing levels, so it goes without saying that these would only be preliminary technical dominoes.

2015-7-20 10yr

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
99-15 : +0-00
FNMA 3.5
102-29 : +0-00
FNMA 4.0
105-26 : +0-00
2 YR
0.7020 : -0.0080
10 YR
2.3830 : +0.0030
30 YR
3.1210 : +0.0150
Pricing as of 7/21/15 7:30AMEST