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Negative Reprices Increasingly Likely

This is an amplification of today's first reprice alert.  We've now seen the additional 2-3 ticks of weakness from lenders' rate sheet print times to make negative reprices a more widespread risk.  In total, Fannie 3.0s and Fannie 3.5s are both 7 ticks lower.

10yr yields are at the highs of the day and trending higher (2.239, +0.028 on the day).

There is nothing specific driving the weakness, although the repeated failures of 10yr yields to break the 2.20 floor haven't been sending positive signals.  We also have oil prices holding ground--even if they're not rallying--and stock prices generally advancing.

MBS / Treasury Market Data

UMBS 5.5
97.45
-0.21
UMBS 6.0
99.44
-0.18
UMBS 6.5
101.17
-0.13
2 YR
4.9258
-0.0063
10 YR
4.6444
+0.0022
Pricing as of: 4/25 5:31AM EST
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