The only thing more tedious than of my technical explanations are those journalistic elements that you just KNOW are coming.  Let me explain.  Imagine a thief steals a bunch of watches, is unable to sell them, and subsequently returns them.  In that case, you know it won't be long until every news headline is some iteration: Thief Unable to Live on Borrowed Time, etc.

More germane today would be the tendency to tie article headlines and themes into recurring events, such as holidays.  You know how those go.  Markets are spooked on Halloween, Originators are thankful on Thanksgiving, and hoping not to get lumps of coal at Christmas.

So with today being New Year's Eve, we all know what's coming--at least those of us who are actually reading the news today.  Ironically, and existentially, by virtue of taking 3 paragraphs to explicate the kitsch of this journalistic offense, I've become an offender myself.  So I might as well at least offer chart with a nice look back at the paths of Treasuries and Mortgage Rates in 2014. 

2017-12-30 year in review

On a more timely note, keep in mind that today is an early close for bond markets (2pm ET), but the unofficial close happened on December 19th.  That's when markets tuned out and resolved not to tune back in until the first full week of January.  There are several pieces of economic data, but if they end up looking like they move markets, it would be pure coincidence.

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
101-03 : +0-00
FNMA 3.5
104-05 : +0-00
FNMA 4.0
106-21 : +0-00
2 YR
0.6760 : -0.0120
10 YR
2.1670 : -0.0250
30 YR
2.7410 : -0.0180
Pricing as of 12/31/14 7:30AMEST

Tomorrow's Economic Calendar
Time Event Period Forecast Prior
Wednesday, Dec 31
8:30 Initial Jobless Claims (k)* w/e 290 280
9:45 Chicago PMI * Dec 60.1 60.8
10:00 Pending homes index Nov 104.1