If only we could say "3pm and all is well!"  But alas...

As the official bond market closing time of 3pm ticks off, more than a few loan originators may be "ticked off" to see the weakness in MBS and treasuries concomitant with this normally illiquid and thinly traded time of day.  MBS are now well down on the day with the 4.0 reaching 99-05 just now.  The 10 yr is at it's worst yield of the day (week, month, year, you name it...) 3.503.  Didn't AQ say something about 3.5 in the 10 yr being an impending reality?

Here's the not-so-pretty picture:

As the green line goes down, reprice risk increases.  Ain't nothin' gonna change this 'cept an amazing tsy auction or some exceedingly creative Fed intervention...  But if you read Friday's blog, you're already buckled up waiting for the storm to pass.  We'll turn our attention to that meteoroligal endeavor shortly...