Forgive the diversion from the normal "At A Glance" format, but there is no scheduled data set to release for today.

MBS have added more losses with 6.0's down to a stomach-turningly, gut-wrenchingly, window-boardingly, skyscraper-jumpingly, pill-overdosingly, parachuteless-skydivingly low of 99-19!

As far as the "either/or" scenario discussed a while back (either we'll move to annual lows, or we've already turned that corner), I think we're down far enough to say we have our answer.  So all you floaters that are in this for the longer haul, don't lose heart.  This has happened time and time again, and it almost always comes back as summer changes to fall.  So a plain english reiteration: if we're talking about refinance transactions waiting for a rate, it will likely be back.  If we're talking about purchase transactions, i hope you locked already.  If not, look for the bounce in fixed income and MBS that should be coming any day now.

Holding pretty steady at the moment .  More to follow after stocks open.


(hey, if you have some cash laying around, and you still happen to be floating, you could always hedge your bets by buying XLF or IYF spider, and shorting Lehman's MBB.  Not with real money of course...  Just for fun...