Music:Stranger Here....Than Over There | Robert Plant
tf:Zarathustra reports that the 30-year FNMA is trading down another 29/32nds mid-day. I'm not exactly sure of the translation ratios but I think this'll put the 30-year non-jumbo confirming first mortgage at somewhere around, hum, 6.1-6.2%ish, more than 50% over the target rate of 4% intended by the Treasury...
Okay, here's a chart now:
A waterfall like that will usually bring some sort of Fed or Treasury response, let's see what happens the rest of the day.