This is a heads-up alert that will require some analysis on your part if you choose to act on it.

MBS are still up 3 ticks (.09) on the day, but are down more than a quarter point from the most recent stably-held high.  Lenders who priced in line with those highs are at risk of considering negative reprices.

That said, pricing strategies can vary widely today, so it could make sense to consider how much better your rate sheet is versus yesterday.  If it's not much better, you might be looking at less risk. 

Overall, bonds have been flat on the day with 10yr yields almost perfectly unchanged.