Be careful here.  Things could get going pretty quickly in an unfriendly direction.  It looks like investors are treating Friday's strength as a confirmed "bounce" off the lower end of 2017's rate range.  As such, they won't be too shy about taking things in the other direction.  Perhaps we've already see most of this play out, but things could easily get worse before they get better.  If that happens, the losses could add up rather quickly.

Fannie 3.5s are down nearly 3/8ths of a point now with nearly a quarter point since some lenders' rate sheet print times.  As such, negative reprices are increasingly likely.  10yr yields are up 5bps at 2.365.