Rate sheet influential MBS just fell from the session highs to the session lows. The September FNCL 4.0 is -0-06 at 101-10. The FNCL 4.5 is -0-03 at 103-15. The secondary market current coupon is 2.6bps higher at 3.773%. Current coupon yield spreads are near ten day wides.

Lender pricing was better on first run. I haven't seen any reprices for the worse yet and stocks are trending lower so we may soon find stable footing and recover from session lows.