Happy Friday...this week went by fast!

Mortgages closed the session in strengthening mode yesterday....we are seeing more of the same this morning. If history holds MBS market participants will be looking to take profits as MBS/TSY spreads tighten. This expected event has generally been followed by increased buying interests as mortgages cheapen (spreads widen). Slow and Steady upwards!

Investors were reluctant to pass along gains to rate sheets late in the afternoon...you are due a few extra bps this AM.

APRIL FN30_____________________________

FN 4.0 -------->>>> +0-07 to 100-15 from 100-08

FN 4.5 -------->>>> +0-03 to 101-31  from 101-28

FN 5.0 -------->>>> +0-04 to 103-01 from 102-29

FN 5.5 -------->>>> +0-03 to 103-22 from 103-19

FN 6.0 -------->>>> +0-02 to 104-11 from 104-09

APRIL GN30____________________________

GN 4.0 -------->>>> +0-02 to 100-14  from 100-12

GN 4.5 -------->>>> +0-01 to 102-01 from 102-00

GN 5.0 -------->>>> +0-02 to 103-15 from 103-13

GN 5.5 -------->>>> +0-02 to 103-30 from 103-28

GN 6.0 -------->>>> +0-02 to 104-13 from 104-11

EFFECTIVE FED FUNDS: 0.16

LIBOR FIXINGS (moved lower today)

1 MONTH: 0.5181

3 MONTH: 1.22200

6 MONTH: 1.7625

1 YEAR: 2.0100