You didn't have to wake up to "I Got You, Babe" this morning to realize you've been living the same day over and over again.

Wake up, watch mortgage rates go higher, fall asleep.  Repeat.  Repeat.  Repeat.

Today, the mortgage bond sell-off seems tied to speculation that Bank of Japan will raise their overnight lending rate in the near future, although at this point, it's unfair to point to any one cause.

The mortgage bond market is a falling knife and nobody wants to catch it -- they all just want to get out of the way.

As of 9:45 CT, mortgage bonds are off 44 basis points and appear headed lower.

Update (3:30 CT): Mortgage bonds are off 78 basis points on weak demand for U.S. treasuries.  You almost wish for economic data at this point to at least give traders something to hold onto.  We are in a pure psychological play at the moment.

Dan Green is an active loan officer. Email or call 513-443-2020. Dan is on Twitter at @mortgagereports.