It's rare that the day's MBS RECAP will be published this early in the day (and of course, I'll put out an update if things change significantly), but it's even more rare for volume and participation to be as low as it is--not to mention the general lack of lender response.  In fact, apart from a few lenders that have repriced into the afternoon strength, most simply opted to keep rate sheets wholly unchanged from Friday's latest.

There was some movement in the overnight session--mostly negative--followed by some movement in the domestic session--mostly positive.  The net effect is a Fannie 3.0 coupon that is +0-01 tick on the day and a 10yr Treasury yield that was unchanged at the 3pm Treasury pit close.  Volumes are about half what they were Friday--itself about half the recent average. 

Indeed there is not much to write home about.  Tomorrow morning's boatload of 8:30am data is about the only chance we have this week to see if any market participants are tuned in, or if they simply left those "drinking bird" toys at the desk to press the trade buttons.


MBS Pricing Snapshot
Pricing shown below is delayed, please note the timestamp at the bottom. Real time pricing is available via MBS Live.
MBS
FNMA 3.0
101-05 : +0-01
FNMA 3.5
104-06 : +0-02
FNMA 4.0
106-19 : +0-01
Treasuries
2 YR
0.6630 : +0.0210
10 YR
2.1600 : +0.0000
30 YR
2.7500 : -0.0042
Pricing as of 12/22/14 3:46PMEST

Today's Reprice Alerts and Updates
A recap of Alerts and Updates provided to MBS Live subscribers.
9:37AM  :  Bond Markets Recovering After Modest Overnight Weakness

MBS Live Chat Highlights
A recap of featured comments from the Live Discussion on the MBS Live Dashboard.
Caroline Roy  :  "i have to admit that i've never done a jumbo over 80% in my market. do they require MI? and what kind of rates would that look like?"
Clayton Sandy  :  "Are you talking about US Bank?"
Caroline Roy  :  "chase jumbo actually"
Dave Pressel  :  "the chase jumbo goes to 85LTV @ $1.5 million - MI is baked into the rate. Make sure file is squeaky clean"
Jon Kutsmeda  :  "Any thoughts on tmrw's GDP number and the impact it might have?"
Matthew Graham  :  "final revision of an already high number. not as much shock value as an 'advance' release. given the time of year, very likely minimal lasting impact. "
Matthew Graham  :  "RTRS- U.S. SELLS $27 BLN 2-YEAR NOTES AT HIGH YIELD 0.703 PCT, AWARDS 62.93 PCT OF BIDS AT HIGH"
Matthew Graham  :  "RTRS - U.S. 2-YEAR NOTES BID-TO-COVER RATIO 3.21, NON-COMP BIDS $142.32 MLN"
Matt Hodges  :  "*yawn*"
Matthew Graham  :  "yep, the relevance is palpable"