Tuesday 8/5 ... Bounce back to 99-30

Looks like the MBS curve found the bottom of it's pre-FOMC announcement comfort range at 7 ticks down on the day and is now down only 6 ticks.  Probably won't go down much from there, and most lenders that are going to hit you for that other eighth this morning will have done it by now (unless they are WAY slow).

An email reply I just sent to an inquisitive friend sums up my feelings on today's events:

" I’m floating my deals, but I have at least 3 weeks on all of them.  If I had two weeks or less, I’d probably take a serious look at locking.  But even that decision would probably be delayed until post FOMC.  Of course if clients already requested a lock, that's a different story"