As has been the case on so many Monday's lately, today would have been better-used as a 3rd day of the weekend. Fannie 3.0s were 102-09 at their lowest and 102-13 at their highest. A four tick (or .125) range is about as narrow as it gets for a day of MBS trading. That said, narrow isn't necessarily bad. Today's prices happened to be hanging out fairly close to Friday's highs.
Treasuries were in a similarly narrow range, though they came under more threat of weakness earlier in the day. That had to do with European bond market weakness being the driving force for domestic bond markets. Treasuries are on the front lines when it comes to the Europe effect, and MBS are more insulated.
Even then, after European bonds leveled off for the day, so did Treasuries. From there, after Europe closed, Treasuries rallied back to join MBS in the same "just slightly weaker" territory on the day. In general, markets continue waiting for Wednesday's FOMC/GDP double header.
MBS | FNMA 3.0 102-10 : -0-04 | FNMA 3.5 105-04 : -0-03 | FNMA 4.0 107-00 : -0-01 |
Treasuries | 2 YR 0.5250 : +0.0170 | 10 YR 1.9280 : +0.0141 | 30 YR 2.6170 : +0.0030 |
Pricing as of 4/27/15 4:37PMEST |