If you don't have rates yet this morning, you're in for a treat. But it's perhaps bittersweet.

You see, the global economy is collapsing. Yeah, it's ok, take a moment if you need it...

Anyway, this is helping all manner of fixed income today. Even though spreads are wider still, MBS are now up 22 ticks in 5.5's to 100-29.

That puts a 5.5 Par rate within reach for several of the aggressive lenders.