At 103-28 currently, Fannie 3.5's are up 13 ticks on the day, and sit at the highest prices since last Thursday. These gains are sufficient and have been held long enough to justify positive reprices under normal conditions. However, with tomorrow's looming Eurogroup phone call (yes, it WAS a meeting, but it's now a phone call. Well, to be fair, a "conference call!") lenders are potentially in a more conservative stance than they otherwise might be. The characteristically early-to-reprice crowd still might be out soon with positive reprices with additional lenders following the longer these gains are held or improved upon.

(update: first positive reprice reported while this alert was being typed).

"... Second, we must continue to work together to support the housing market, whose weakness is a stress on millions of families and a drag on overall growth. To this end, the President recently announced new policies designed to aid the housing market, including broad-based refinancing for responsible homeowners that would save the typical family $3,000 a year. We are also working with the FHA and FHFA to take a range of steps to improve access to mortgage credit, and the FHFA also recently launched a pilot program to convert foreclosed homes into rental properties."