Bonds are giving up a decent chunk of their overnight gains despite oil prices staying relatively low. MBS are still up 1 tick (.03), but down 5 ticks (.16) from AM highs. Fortunately, those highs were before most lenders' rate sheet times. The average lender is only seeing about 3 ticks (.09) of weakness--not enough for significant reprice risk.
10yr yields are still down half a bp on the day at 4.34, but that's from lows of 4.315 earlier this morning.
