The November FNCL 4.0 is trading 10/32 higher at 102-16, this is the high print of the day. Loan pricing is 32bps better vs. what lenders were offering yesterday morning before reprices. About 12bps of that is what was added to rebate today. Loan pricing is still 20bps worse vs. what was being offered last Tuesday, but that was the most aggressive rebate seen last week.

Reprices for the better aren't out of the question, but they are highly unlikely given the looming FOMC announcement at 2:15pm EDT.

Volume is low across the board as investors await the Fed's policy announcement. I am writing an FOMC preview right now, just wanted to get you an update on rising MBS prices.