Additional incremental weakness after headlines regarding Iran attacking UAE (including a fire at an oil export terminal). MBS are now down just over 3/8ths of a point on the day, more than a quarter point from the highs, and at least an eighth of a point from most lenders' rate sheet print times.
Jumpy lenders could justify a negative reprice already, but it would be more likely if we lose 2 more ticks (.06).
10yr up 6.2bps at 4.436, testing an important intermediate ceiling.
