Heading into today, we were prepared for there to be no particular rhyme or reason behind market movements.  Money managers are primarily focused on housekeeping-type trading as quarterly positions are sold and reinvested without particular regard for any of the day's news or events.

Earlier this morning, the quarter-end trading was positive for bond markets.  MBS and Treasuries hit their best levels the the day on 2 occasions just before and just after 10am.  Momentum has been steadily weaker since then, but leaves Fannie 3.5s well above any of yesterday's trading.  If that dividing line is crossed (102-26 and below), it could result in negative reprices.

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 3.0
98-23 : +0-01
FNMA 3.5
102-27 : +0-02
FNMA 4.0
106-01 : +0-02
Treasuries
2 YR
0.4646 : +-0.0004
10 YR
2.5250 : +0.0020
30 YR
3.3557 : +0.0117
Pricing as of 6/27/14 12:32PMEST
Morning Reprice Alerts and Updates
A recap of Alerts and Updates provided to MBS Live subscribers.
12:11PM  :  ALERT ISSUED: Negative Reprice Risk Now Increasing Again
11:44AM  :  ALERT ISSUED: Negative Reprice Risk Approaches, but Backing Off Now
9:44AM  :  Quarter-End Rebalancing Flows Helping Bonds
Live Chat Featured Comments
A recap of featured comments from the Live Discussion on the MBS Live Dashboard.
Jason Anker  :  "you are stuck "
Ben Biscoe  :  "have an fha flip, a previous lender had it and has transferred the case # and they had two appraisals completed. one came in at contract price and one came in low, both completed by the other companys AMC. can i order an additional 2nd one or am i stuck with the lower value?"
Ted Rood  :  "I'm actually seeing a little more of each, JA."
Jason Anker  :  "not seeing refi's from these rates yet and purchase market cooling a bit"
Matthew Graham  :  " THOMSON REUTERS/U. OF MICH US CONSUMER SENTIMENT FINAL JUNE 82.5 (CONSENSUS 82.0) VS PRELIMINARY JUNE 81.2 AND FINAL MAY 81.9"
Scott Valins  :  "digging it for sure. excellent job by the MBS Live team"
Victor Burek  :  "new site has everything I could think we would need"