There hasn't been any quick or alarming movements in the bond market this morning, but there has been a slow drift down to the weakest levels of the day in MBS. It's possible that early-pricing lenders have been watching this drift and thinking about negative reprices now that 5.5 UMBS are down 6 ticks (.19) from the AM highs.
10yr yields are still down 1.6bps, but also near their weakest levels at 4.18%.
