Owing to some serious weakness overseas overnight and currently in equities futures, fixed income has picked up the bid.

Spreads are wider though, so this may be fleeting if stocks edge towards positive. The 10 year is up 8 ticks whereas the 5.5 MBS is only up half a tick.

Still, if things are able to hold here, it should help "un-do" a few of yesterday's late day reprices. It might not get us back to yesterday's best levels, but it's possible. At 100-18+ we are just above the level where we called a reprice yesterday (what was that? a couple hours before a majority of lenders? wink wink, nudge nudge..)

Also, much can happen between now and the time that lenders release pricing so we'll let you know if things change appreciably. If not, assume same or better pricing and a float bias until further notice. We'll get you analysis in an hour or two when more data has a chance to hit.