There's been some back and forth this morning and no major moves, but MBS have just trickled to the weakest levels of the day with 5.0 coupons down an eighth of a point on the day and 6 ticks (.19) from the AM highs. Lenders who priced near 10am are seeing an eighth point of weakness and some of them could be considering negative reprices. That said, it would take more weakness for the average lender to perk up.
10yr yields are up 3.8bps at 3.692.
