No relevant data driving markets at the moment, and the nation is tuned to the Geithner hearings.  If you want to watch these in real time, there is a link to a live feed here: www.cnbc.com

MBS is continuing to stay in a flat, range-bound pattern.  None of the coupons are off more than a tick from yesterday's close.

This leaves 4.5's around 101-16.  5.0's around 102-14.

As we've been discussing, these price levels would normally be enough to see much better rates from lenders, but because of the various reasons for the wide spread between primary and seconday mortgage rates, lenders have been reluctant to pass along gains.  Indeed there is and will continue to be, for a time, an uncommon disconnect between secondary prices and lender's rate sheets.  We'll continue to research and present those other considerations.

Stay tuned to the blog however as a precipitous drop in MBS prices can still cause some lenders with tighter margins to reprice for the worse.