The stock market (as measured by DOW) is up a big time +140 points in early trading. So, that means that bonds like MBS are selling off right? Not early this morning, but we are seeing a negative trend in the last hour as of this writing (11:00 AM CST). This morning's domestic economic data was right on the money, essentially matching the market expectations across the board and is providing zero momentum to the MBS market.

Unlike the last three trading sessions, we do not have any U.S. Treasury auctions to absorb. With all the technical hitting resistant levels, my recommendation would be to lock unless you are a gambler. I cannot state my infamous phrase when it comes to the mortgage rates, "Pigs Get Fat, and Hogs Get Slaughtered!"