Fannie 3.0 MBS are down another 2 ticks (0.06) from the levels seen at the time of the last alert.  Bond losses look to be stabilizing here, which is what some lenders wait to see before pulling the trigger on reprices.  If you have stronger rate sheets compared to yesterday, locking is worth considering.  

Revisiting the morning's initial sell-off, there's been more and more chatter about the European Central Bank's meeting minutes as a market mover.  I didn't think much of this at first because the minutes came out an hour before the selling began.  But when I looked at the volume profiles of US vs EU bonds around 8:37am, it was clear that European bond selling hit like a ton of bricks whereas US bonds were sort of wondering what was going on.  And although it's not highlighted, it was a similar story around 9:30am.  

Since then, trade-related headlines have definitely added to the pressure, but with the benefit of hindsight, I'd be willing to give MOST of the credit to Europe.  If that seems like too much to ask, just consider how German Bunds have been moving in relation to US markets in the slightly bigger picture: