Our current FNMA 5.0 coupon has opened this morning in positive territory, currently at 101-03+ which is 2 ticks higher then going out levels yesterday.
Not much data today to move the markets. We will get the release of auto sales and weekly retail/chain store sales reports. And later today Philadelphia's Plosser will be speaking on the economy. Any time a Fed person speaks, we can see a movement in the market.
We will post back later today after the data is in with a more detailed update. So far, lenders have not priced in the gains we have seen on their rate sheets, this is probably due to a huge influx of locks last week. Basically, lenders are going to be swamped with business, they have cut back on staff, so to slow things down they are holding back the gains we have seen.