While quite a few lenders aren't even out with rate sheets yet, lenders who were out earlier this morning are already getting close to the edge of reprice territory. 

To be clear, there is NOT much, if any risk of negative reprices at current levels.  Rather, this alert is a heads-up about the negative trend that's been intact since roughly 6am.  It looked like that trend flattened out after the bounce at 8:40am, but we've since gone on to hit new lows in MBS and new highs in Treasury yields.

While we have seen a lender or two pull the trigger on a reprice in similar situations in the past, the real risk wouldn't kick in unless we lost another 2-4 ticks.