Both the Treasury and MBS market remain slow/thinly traded today...the inability of Treasuries  to amass a robust rally reflects the marketplace's hesitation to "make a move" while stocks are testing technical price lows. Indecisive! Or it reflects a "setting up" for the 3 yr note auction tomorrow....or it just means some market participants are still on vacation.

Check out where we are seeing trading activity pick up in the 10 yr note...these are "pivot points". So far 3.46 has been elusive...

Since the 10 yr has come off of early yield highs...prices of "rate sheet influential" MBS coupons have gradually improved.

We dont expect the FN 5.0 to make much progress into the 102-00 price handle though. Regardless of that agressive lenders may pass along better rate sheets....but not the broad majority.

Did you get a reprice for better yet?

S&P 500: 893

2s vs. 10s: 255bps