Stocks and bond yields were higher at the start of the overnight session, but began to return to earth just before the start of the domestic session.  The move was very clearly led by stocks, and stocks themselves continue to take a fair amount of guidance from oil prices. 

Economic data has been largely ignored with the possible exception of the 10am Factory Orders report.  There definitely was NOT an overt reaction (indeed, that would be a surprise), but stocks and bond yields both began rising at 10am.  They're now both at their highest levels of the domestic session with 10yr yields up half a bp to 1.89.

Fannie 3.0s are unchanged on the day, but also at session lows.  Lenders who priced at the highs of the day would now be seeing exactly 4/32nds (.125) of weakness from rate sheet print times.  As such, there may be a very small chance that one or two of the most highly-reactive lenders are already considering negative reprices, but we'd need to see another 2-3 ticks of weakness before it became an imminent threat.