Modestly weaker overnight. MBS down an eighth and 10yr up 2bps at 4.39
Rallying after ISM data. MBS back near unchanged levels and 10yr down half a bp at 4.364
Giving up roughly half the gains now. MBS down 2 ticks (.06) and 10yr just a hair over unchanged at 4.373
This alert only applies to lenders who priced or repriced after 10:20am ET. MBS are down 6 ticks (.19) since then. In some similar cases in the past, lenders who rushed to reprice for the better (after the type of early gains seen today) have had to do a token, corrective reprice that brings them back in line with their original rate sheets. This isn't necessarily likely at this point, but it's on the verge of being a possibility.
As for the reversal, the market got a bit too far ahead of itself reading into war-related headlines that didn't actually connote major progress.