6.0's are down to 99-26+.

At this point we have a fairly decent sell off in the works with spreads at their widest of the day.

As we keep advising, don't let this panic you if you have time to wait. As soon as some of this paper can get moved off the books of MBS market participants we'll be moving back up, and potentially before then as more data and headlines hit.

Short termers that didn't already lock with this morning's alerts might consider doing so now IF AND ONLY IF you have not received a 2nd reprice for the day. If you've already taken your beatings, you might as well stay in the boat through lock cut off. But even then, stay closely tuned.