Monday - December 23, 2013, 10:35 am ET

Current Trend Direction: Sideways

Float/Lock Bias: Carefully FloatingCurrent Price of FNMA 4.0% Bond: $103.22, -6bp

Mortgage Bonds opened lower as Stocks surge on year end window dressing along with positive news out of Apple. The action should be subdued today given the upcoming Christmas holiday with trading desks are working with skeleton crews.

The week's economic calendar is light and there are no Treasury auctions. The Bond markets will be closing at 2:00pm ET tomorrow on Christmas Eve, while Stock trading ends at 1:00pm. All capital markets

Over in g-fee news- incoming director of the regulatory agency that oversees Fannie Mae and Freddie Mac, Mel Watt, said Friday night he would delay an increase in mortgage fees charged by the housing-finance giants, which was announced earlier this month by that agency.

Technically, Mortgage Bonds are trading near unchanged in a sideways pattern. We will continue to recommend a floating stance. If anything changes, we will get back to you.

Joe Shamie NMLS # 241432

First Choice Loan Services NMLS # 210764

First Choice Bank NMLS# 177877

866-970-3400 x-5135

jshamie@fcbmtg.com