Mortgage Rates Start New Week Slightly Lower

No Whammies in Treasury Borrowing Estimate Bonds were slightly weaker overnight but quickly moved into stronger territory as volume and liquidity ramped up for the new week. Gains were modest and linear--largely extending the friendly trends seen last Thu/Fri. The only key calendar event was the Treasury refunding estimates this afternoon.  While there are some potentially alarming ways to read the newswires (i.e. "June borrowing estimates up to $514b vs $123b previously"), the large apparent change is due to accounting and not reflective of a $391 bln increase in spending or decrease in revenue. In other words, there were no whammies for the bond m