FN30__________________________________

FN 4.5 -------->>>> -0-09 to 100-24 from 101-01

FN 5.0 -------->>>> -0-06 to 101-28 from 102-02

FN 5.5 -------->>>> -0-05 to 102-14 from 102-19

FN 6.0 -------->>>> -0-05 to 103-01 from 103-06

More so in the lower end of the stack.  This reduces reprice risk somewhat, but bear in mind there is still half an hour left to go on the day.

One mitigating factor of today's losses is the fact that stocks and tsy's are down as well.  In sessions past, this has indicated a temporary "run to the sidelines" for MBS along with other market sectors.  This is not a guarantee that pricing will return, simply that there is no "bad news" driving MBS down.  It's happening all over today, unless you're oil that is, which is up just over 4 dollars.