(update: 4:08pm, Freddie released new harp guidelines: http://www.mortgagenewsdaily.com/micro_news/236222.aspx)

It's been built up to the point of being slightly anticlimactic at this point, but we're still waiting on the new "operational details" promised on HARP 2.0 (maybe no official announcement from the FHFA but simply updated guidelines on GSE sites later this afternoon?).  The anticipation has been augmented today by several housing related headlines including the FHA loan limit increase and teaser congressional speech from Demarco that many thought would include HARP details at first glance.   Nothing yet, but we'll keep you posted.

To make the "sideways and waiting" themes more palpable, MBS have effectively been sideways between 101-16 and 101-26 for two days now.  Here are some charts to occupy our minds until HARP details are out:

10yr yields initially held pivot-based support  around 2.04, but broke higher and met resistance trying to get back below the diagonal line in the following chart:

But 10yr yields continue to stick under 2.08 in terms of 3pm closing levels despite opening much higher this week.  Even so, Treasuries have been much more even-keeled than stocks as can be seen in both the short and long term charts below (2nd one has 2.08 marked)