Well we can finally answer the question "When will a 3.5 coupon start trading?"

The 3.5 FN popped up on our screens today...WHOA....record low mortgage rates!!! Unfortunately until lenders start making it possible to lock in 3.5-4.00 rates these coupons are somewhat irrelevant.

Here is a peak at the coupon stack early in the morning

FN 4.0: +0-09 at 100-15

FN 4.5: -0-02+ at 101-19

FN 5.0: +0-01+ at 102-08

FN 5.5: -0-01 at 102-20

FN 6.0: -0-00+ at 103-00

The long end of the yield curve is receiving a nice bid so far this morning...

Morning Post to Come....