We're at 100-28 on the 6.0, about a quarter of a point difference from yesterday's highs.  But many agreed that lenders were "hedgin" all the recent gains and they had about a quarter "coming to us" anyway once the curve stabilized.  So there's no certainty regarding this morning's rates, but with a precipitous decline in price action this AM, plus the factors discussed yesterday about why we'd probably have a down day, it's safer to assume we'll lose a little YSP.  Again, our goal today will be to determine if we are going to let this "freak us out" or simply brush that dirt of our shoulders.

I know it's never fun to wake up to "red numbers" in the Day over Day column, but be patient.  A few more negatives would need to transpire before panic was warranted.  As we discussed yesterday, it's a certainty that down days occur even in uptrends.  For those of you still using other MBS services, please, for the love of MBS gods, don't be hasty to lock today.  We have no headline risk so far, and month-end, volatile session reaction to some very "interpretable" numbers.  You will unequivocally hear from us if it looks bad enough to do something about it.