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slightly stronger overnight, but progressively weaker in the AM--especially after 10am econ data. MBS down 7 ticks (.22) and 10yr up 3.2bps at 4.256
10yr yields are up 5bp at 4.273. MBS down a quarter point.
Modest recovery. MBS down only 5 ticks (.16) now. 10yr up 2.5bps at 4.25
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MBS are now down a quarter point on the day and just over a quarter from the highs. Lenders who priced early in the morning are seeing 6 ticks (.19) of weakness from rate sheet print times and are thus at risk of repricing.
10yr yields are up 5bp at 4.273. Data drove the initial selling, but potential Senate passage of the spending bill is keeping the pressure on.