Consider the fact that, for some traders, this was/is the last actionable day of 2016.  They're picking up their proverbial ball and going home.  If they want to buy the dip in bond prices, we might not know it until January.

At the moment, 10yr yields are up to new 2yr highs of 2.54 (5.5bps on the day).  Fannie 3.5s are tanking quickly, now down nearly a point from some lenders' rate sheet print times.  Several lenders have already repriced more than once.  More will follow.  

The negative trend is intact until further notice.