Rates held steady Monday as mortgage-backed securities (MBS) markets appeared to be settling down following two days of extreme volatility. After a huge rally on Thursday, MBS gave back about half of their gains on Friday. In economic news, the Empire State manufacturing index declined to -10.4, well below the consensus forecast of -3.0, to the lowest level since April 2009. Readings below zero indicate contraction in the manufacturing sector. No other data will be released today.