Bonds have steadily been giving up the overnight gains despite remaining in positive territory on the day. 10yr yields are still down about half a bp at 4.565, but that's up from lows of 4.514.
MBS are still up 2 ticks (.06) on the day, but down a quarter point from AM highs and an eighth of a point from many lenders' rate sheet print times. As such, the jumpier lenders could be close to considering negative reprices.
