Perhaps traders were tired?  Perhaps they are still on high alert but just haven't gotten to the week's more meaningful events yet?  Either way, there was effectively no drama for bonds today.

This is both good and bad.  On a positive note, it was nice to come into the office today and NOT witness yields continuing to rise above the 2.95% ceiling (10yr) that came under pressure last week.  On a negative note, it was disconcerting to see yields continue holding so close to that ceiling.  

In other words, it looks like bonds sold-off as much as they wanted to on Friday, and we're now waiting for the other shoe to drop.  Said shoe could be some combination of Treasury/Corporate supply in the first half of the week or some combination of the ECB announcement and US inflation/Sales data at the end of the week.  All we know for sure is that no one saw or heard the shoe today!


MBS Pricing Snapshot
Pricing shown below is delayed, please note the timestamp at the bottom. Real time pricing is available via MBS Live.
MBS
FNMA 4.0
101-16 : +0-01
Treasuries
10 YR
2.9351 : -0.0069
Pricing as of 9/10/18 4:45PMEST

Today's Reprice Alerts and Updates
A recap of Alerts and Updates provided to MBS Live subscribers.
11:31AM  :  No Major Moves For Bonds Since Friday Morning

MBS Live Chat Highlights
A recap of featured comments from the Live Discussion on the MBS Live Dashboard.
Sung Kim  :  "its common sense with LOE if close"
Sung Kim  :  "because there isnt"
Andy Pada, Jr.  :  "I think MG's point is that there is no longer a "resonable distance" criteria anymore"
Rob Downs  :  "I got one approved that was about 20 miles distance, because... Atlanta traffic."
Rob Downs  :  "You need justification for the 2nd home. In higher traffic metro areas where commutes are longer you may not need to be too far away to justify the 2nd home - but as others said it comes down to what the UW feels is reasonable."
Hugh W. Page  :  "Reasonable Distance = Whatever your underwriter decides is reasonable."