Mortgage Market Update for Feb 27th

Good day for stocks and bonds, with mortgages dragging behind.  Right now the Dow is trading a hair over 13,000 and cash 10yr notes are up 15+/32nds.  Mortgages are putting in a less impressive session with Fannie 3.5s up just 5+ on the day.  10yr yields are at 1.92  and tracking pretty closely to the recent 10yr trading range.  Light data today, but a few releases that affect our market.  Pending Home Sales MoM, climbed to +2.0% after a holiday-season reading of -1.9% last month.  Year-over-year, that number has climbed to 10.3% from 4.4%.  Fannie Mae announced today a pilot program to bulk sell REO properties in harder-hit areas.