mostly flat overnight with some additional selling starting just before the open. MBS down 3 ticks (.09) and 10yr up 2.4bps at 4.096
Decent recovery. MBS unchanged and 10yr up only 1.4bps at 4.085
10yr yields are still off the morning highs, but up 2.3bps at 4.095. MBS down 2 ticks (.06) on the day and 6 ticks (.19) from the highs.
MBS are only down 2 ticks (.06) on the day, but lenders who repriced near the highest levels of the day are now seeing 6 ticks (.19) of weakness. That's enough for many of those lenders to consider pulling pricing back a bit.
10yr yields are still off the morning highs, but up 2.3bps at 4.095.
Nothing specific driving the weakness... just a drifty correction after the initial rally.