MBS hit their highs of the day just after noon ET and have corrected a bit since then. While 5.5 coupons are still up a quarter point, they're down just over an eighth of a point from the highs. Jumpy lenders who had previously repriced for the better could technically justify a negative reprice. Other lenders are only seeing 3 ticks (.09) of weakness from opening rate sheets. While some of them have occasionally repriced in similar situations, it wouldn't be justified in terms of market movement.
10yr yields are still down almost 6bps on the day at 4.511.
