UP TO THE MINUTE UPDATE ............................................. 1:01 PM PST

Don't be fooled by mid-day reprices you might see coming across.  These are laggards from data at 12:06.

Bonds are at their best levels of the day so far, but still no expected rate improvement.  Lenders that repriced too quickly an hour ago may reprice back to where the rest of the market is.

5.0 is at 4-5/32nd's down on the day

5.5 is even on the day.