Treasuries have been under some increased pressure in the last 15 minutes and yields are now at the highs of the day. MBS have been outperforming but have also lost ground fairly steadily since just before 11am.
5.5 UMBS are now down an eighth of a point versus AM highs. Most lenders released rates when prices were near the AM lows and are thus not seeing enough weakness to suggest reprices. The risk is that the selling continues (based on Treasuries' suggestion).
