Bonds have been meandering toward weaker levels in the past 2 hours.  10yr yields are up 3.6bps at 4.413.  MBS are at new lows, down 6 ticks (.19) on the day and at least an eighth of a point from intraday highs.

NOTE: based on rate sheet print times, there is not much negative reprice risk right now (intraday highs happened after rate sheets)--at least not as far as MBS prices are concerned.  That said, a few lenders occasionally reprice for the worse based solely on intraday momentum, so the risk cannot be ruled out completely.

Reprices would become a more legitimate risk if we lose another 2-3 ticks (.06-0.09) in MBS.