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Selling continues this morning. MBS down an eighth and 10yr up 2.7bps at 4.49.
Off the weakest levels. MBS unchanged and 10yr nearly unchanged at 4.467
MBS up 2 ticks (.06) and 10yr down 0.2bps at 4.463
MBS down 2 ticks (.06) and 10yr up 1.3bps at 4.479
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Bonds hit their highs just after 10am this morning and have been selling slowly since then. The last few minutes bring 5.0 UMBS down 5 ticks (.16) versus those highs. The catch is that "just after 10am" is on the later side of the normal morning price window for lenders.
Bottom line: lenders who printed their first rate sheet well after 10am could technically justify a small reprice. Lenders who priced at 10am (or earlier) still haven't seen meaningful deterioration from their rate sheet print times.