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Modestly weaker overnight, but moving back into positive territory now. MBS up 1 tick (.03) and 10yr up 1.8bps at 4.359
Mostly flat all morning. MBS up 1 tick (.03) and 10yr down 1.2bps at 4.365
Heading out near weakest levels with MBS down 1 tick (.03) and 10yr yields up 0.7bps at 4.384
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Bonds have been almost perfectly flat all day, and we'd still refer to today as flat in the bigger picture.
But amidst that broader sideways grind, MBS have slowly inched down from the AM highs and the gap is now at an eighth of a point in 5.5 coupons. This doesn't constitute any serious negative reprice risk, but could be something to consider for those who were already planning on locking before the weekend and waiting to see if rates would improve.