Some reprices for the worse have already been seen and more may follow if current trends prevail or even if they simply fail to reverse course. 

What are those trends? 

Several are aligning to raise the risk for continued reprices for the worse: MBS performing worse than benchmarks (aka "widening"), lenders having relatively aggressive rate sheets out (makes them more sensitive to market movements),  and of course the much discussed bearish technical resistance still faced by the bond market in general.

The technical resistance is most pronounced as 10yr notes attempt to break below 3.60 (and keep failing).  While yields have danced around that level at times this morning, we're far from seeing a definitive and confirmed break, not to mention we've seen our fair share of weakness as well.  But where 10yr notes have been weak, MBS have been weaker.  In fact, note that 10's are currently positive on the day while 4.5's are negative. 

You can see the current bounce off the lows of the day in MBS.  This has to hold supportively here and break the last high at 100-28 if we're to avoid continued reprices.  The best way to track the moment to moment performance of that chart is on the live MBSonMND dashboard.  You can learn more about that and get set up on a two week trial HERE.