If you're an industry "Old Dog," you may be watching the 10 year treasury right now thinking rates might improve.

Most days the 10 year does move in relative unison with MBS's, but not today.  The T-bill is up in price a hefty 12/32nds, but the Fannie Mae 5.5 and 6.0 coupons are DOWN in price between 2 and 4/32nds.

 That's quite a big spread, bigger than normal.  So just be warned that you probably won't be getting a price improvement today even through the 10 year yield is down.