Bonds continue selling off in a measured, linear fashion. 10yr yields are now up 3.2bps on the day at 4.456. MBS are up 3 ticks (.09), outperforming due to yield curve trading (i.e. shorter durations doing better).
Despite the outperformance, this is more than a quarter point below the AM highs and at least an eighth of a point below almost every lender's rate sheet print time. Jumpy lenders are increasingly likely to be considering negative reprices.
