Bonds staged a decent recovery heading into the 11am hour, but they've been selling somewhat steadily since then.  While the selling seems to have leveled off for now, it leaves 5.0 MBS teetering on the edge of an eighth of a point of weakness vs the 11am highs.  Most lenders publish rate sheets more than an hour before that and MBS were lower at that time. 

In other words, compared to rate sheet print times, we're only down about 2 ticks (.06). As such, we'd need to see another 2 ticks of weakness before assuming much negative reprice risk.

10yr yields were briefly unchanged at 11am but are now up 1.8bps at 4.158.