Twas the hour before Fed announcement and not a trader was stirring...plus its lunch time. So the selling has stabilized

Fn 4.0->  +0-00 to 100-13           

Fn 4.5->  +0-01 to 101-19            Gn 4.5->  -0-01  to 101-20

Fn 5.0->  +0-01  to 102-11           Gn 5.0->  -0-01 to 102-16

Fn 5.5->  -0-00  to 102-25           Gn 5.5->  -0-00  to 102-28

Fn 6.0->  -0-01 to 103-12            Gn 6.0->  -0-04  to 103-05

In this market,  participants are taking profits and quickly re-entering at lower prices...then waiting to take profits again. Its like doing tons of units (lots of loans) with slim margins. You make more in the long run, offer lower rates, and stay really busy. Say thank you to the Fed for enabling this action. No sarcasm there either...really say thank you to Benny B. This activity has pushed mortgage rates higher over the past two weeks, but it has also helped slow the pace of the up in coupon trend.

If you are looking for some FOMC commentary. Read THIS POST