This is an early, conservative reprice alert. We rarely see reprices in this scenario, but they're no unheard of.
Also, they would be a bigger factor for discount/buydown rates. 5.5 coupons are down 6 ticks (.19) since 9:30am. 6.0 coupons are only down 3 ticks (.09).
On a morning with steady selling and conservative initial rate sheets, the bar for reprices is probably a bit higher, but this is just a heads up that we can't rule it out completely for the jumpiest/earliest lenders.
