Nothing has changed from the mid-day update, so today's recap will largely be an amplification of those themes. 

Bond markets were stronger overnight.  This largely looks to be due to the fact that they were weaker in the previous overnight session.  In both cases, European bond markets led the charge, ostensibly over speculation about tomorrow morning's ECB Announcement.  In both cases, the overnight momentum carried through to at least 10am Eastern Time and leveled off after that.

Today's rendition of that 'leveling-off' was friendlier than yesterday's as bonds continued to make minor improvements into the noon hour.  On the other hand, we might have expected more improvement given the fact that stocks had one of their worst days of the month with the S&P falling back below the important 2023 level.  The unwillingness of bonds to follow the stock rally was especially evident in the afternoon. 

2015-10-21 stocks and bonds

The takeaway is that there's a certain measure of anxiety about upcoming events--be they the ECB announcement tomorrow or the Fed Announcement next week.  Traders are also considering their bigger-picture strategies heading into the end of the year (at the end of next week, there are only 2 calendar months left!).

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
101-21 : +0-07
FNMA 3.5
104-17 : +0-06
FNMA 4.0
106-25 : +0-04
2 YR
0.6250 : -0.0080
10 YR
2.0260 : -0.0430
30 YR
2.8660 : -0.0470
Pricing as of 10/21/15 4:30PMEST

Today's Reprice Alerts and Updates
A recap of Alerts and Updates provided to MBS Live subscribers.
9:57AM  :  Bonds Earn Back Some Losses--Largely Following Europe

MBS Live Chat Highlights
A recap of featured comments from the Live Discussion on the MBS Live Dashboard.
Ted Rood  :  ""Please do not refer to the increase as a TRID tax or surcharge""
Ted Rood  :  "that part is true"
Ted Rood  :  ""Beginning with all applications received November 1st and after, we are raising our administration fee to $995.""
Compliance is Watching Me  :  "just heard a rumor that George Mason Mortgage just killed all of their MSA deals."
John Tassios  :  "extra investor overlay to cover themselves. you will see much more silly forms to be signed in coming months, post TRID."
Ira Selwin  :  "4 years down the road, if a borrower claims they verbally rescinded, what proof do you have ?"
Dan Clifton  :  "ok, so we cannot blame it on TRID"
Ted Rood  :  "and the statement of non-rescission is SUPPOSED to be signed at the end of the 3 days, not at closing."