The 10YR Treasury Bond Yield is currently at 1.91%, which is down 5 ticks from Friday's close and down significantly from it's YTD peak of 2.40. Since the mortgage rates/bonds move pretty closely in lock step with the Treasury market, any time the yields rise rate will usually follow and conversely. We are seeing rates just above all time lows today.

From Mortgage New Daily: "After holding in a clearly defined range for 2 weeks, the current week was expected to play host to a break of that range. In grand, symbolic fashion, the very first levels encountered this week are firmly outside the range.

Thankfully, "outside the range" means "in better territory" this morning. Overnight events and data out of Europe--and to a lesser extent, Asia--kicked things off. Bond price positivity was courtesy of European negativity as manufacturing data was weaker and election uncertainty lingers for France and Holland.

10yr yields have been in the 1.92's most of the morning and Fannie 3.5 MBS currently trade at 103-24. There are no major scheduled economic events for the day, so bond markets have less guidance than they otherwise might. On occasion, that leads to yields being more noticeably connected to stock prices."