Mortgage bond prices remain near unchanged mid-morning Monday failing to erase the small losses seen Friday afternoon. Trade is quiet.

With no economic news set for release today traders will spend the day watching stocks and headline news to help gauge interest rate direction. At the 10:00 am ET price point the Dow was up 20-points. Of interest, Facebook is trading below the offering price of $38. Facebook trades on the NASDAQ.

Not too much news from the G8 over the weekend. The usual jabber jawing about Greece remaining in the Euro and the banking system is safe. However, the tone of the dialogue has changed somewhat from strict austerity and more pro-growth spending. German Chancellor Angela Merkel was under tremendous pressure to allow more spending in countries that are facing deep recessions. She was also pressured on the issue of Europe selling common bonds backed by stronger European countries.