Fed was out of the market at 2:30pm.  MBS started tanking at 2:30pm.  Pretty clock-worky.  Lenders generally understand this, but could be at reprice risk for other reasons.

Looks like a few reprices are coming in now that UMBS 2.5s are "only" 3/4ths of a point higher on the day at 103.00.  To repeat the closing paragraph from the last update:

"Nothing about this pull back from the highs should make you decide to lock or float today if you were planning on doing the opposite a few hours ago. If you were already planning on locking and feel that your lender's rates are aggressive (and especially if they already repriced for the better), now's the time. If you weren't planning on locking and if your lender is offering crappy rates (and especially if they haven't repriced for the better today), I couldn't make any compelling case for you to lock based on this pull-back."