Much like yesterday, bond markets experienced a somewhat abrupt intraday swing that lacked overt motivation.  This time, however, rates were heading in a more friendly direction with 10's ultimately dropping to 1.879 and Fannie 3.0s up 10 ticks to 101-29.again, we don't have much by way of gigantic, obvious motivations.  So let's start going down the list and see what we find.

While motivations weren't necessarily overt, we still have a list of likely suspects.  These include losses in oil and stocks as well as an almost complete evaporation in corporate debt issuance.  Beyond that, it's good to remember that this is a holiday-shortened week and traders are scurrying to make the trades they need to make before taking off tomorrow afternoon.  

In fact, the holiday week theme may be one of the best ways to think about the past 2 days of trading.  Before that, Monday got things kicked off on a weaker note, but yields were nonetheless holding under the important 1.92% pivot point.  Then yesterday's Belgian terror attacks and massive corporate bond issuance made for a bit of a curveball.  With today's yields closing right in line with last Friday's, it's starting to look more like a holiday week, complete with a characteristically inexplicable spike and nearly as perplexing bounce back to unchanged levels on the week.

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
101-29 : +0-08
10 YR
1.8790 : -0.0560
Pricing as of 3/23/16 6:39PMEST

Today's Reprice Alerts and Updates
A recap of Alerts and Updates provided to MBS Live subscribers.
3:16PM  :  What's Up With The Mega Rally?
10:42AM  :  Holding Decent Gains After New Home Sales Data

MBS Live Chat Highlights
A recap of featured comments from the Live Discussion on the MBS Live Dashboard.
Matthew Graham  :  "no, no impact from Home Sales Raul. Agree with Vic, it's a risk-off move with oil/stock losses. It's also a lighter day for corporate issuance and traders are also covering shorts before the holiday weekend."
Victor Burek  :  "I would say oil is much more responsible for this"
Raul Lopez  :  "Is Home Sales Data solely responsible for this rally?"
Justin Bayle  :  "they can't get teachers to work there because there is nowhere they can afford to live"
Justin Bayle  :  "Just read an interesting article about San Fran housing and the schools there"
Mike Tavani  :  "settlement must be 90 days within start date, check delayed employment guides.... I don't have the link to guides"
Guy McAtee  :  "Freddie allows closing prior to employment start...can anyone help me with the guideline on this for an UW?"