We've been tracking treasuries (albeit with widened spread) all day long. It's eerily quiet.

As treasuries have picked back up some of the bid, so too have MBS. We are back to 1 tick up on the day at 100-04. Any lenders that DID NOT reprice once already today, MAY STILL have a reprice lagging in soon. All others, especially those that were right on top of a reprice for the worse or who released later in the morning or more aggressively will soon have the ammunition they need to kick you another eighth. For most though, this bar will need to be held for a few more minutes.