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stronger overnight but losing ground after PPI. MBS unchanged and 10yr nearly unchanged at 4.237
Additional weakness now. MBS down an eighth and 10yr up 3.7bps at 4.278
MBS down 6 ticks (.19) and 10yr up 5bps at 4.291
Off the weakest levels. MBS down 5 ticks (.16) and 10yr up 4.8bps at 4.289
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After working through the AM volatility, bonds have continued losing ground at modest pace. Losses are adding up now--not in the bigger picture, but in intraday terms. 10yr yields are up 4.4bps on the day at 4.285 and MBS are down an eighth of a point.
For MBS, this is an eighth of a point below some of the early lenders' rate sheet print times. Most lenders tend to price conservatively on a morning with data-driven weakness, but the jumpiest lenders could see this as the threshold of reprice risk consideration.