The single highest recorded MBS price of the day was 102-21 and one half tick in Fannie 3.5 coupons (rounded up to 102-22).
Current prices are 102-18 and one half tick (rounds up to 102-19), although we've been bouncing along 102-18 even for nearly an hour.
That's a 3.5 tick gap from the highs to the lows (or just under an eighth of a point.... 7/64ths or .1094), and not quite enough for negative reprice risk unless a lender happened to price a bit too aggressively before 10am, thinking that bonds were on an upswing.
In other words, there's no legitimate reprice risk at the moment, but a lender or two could still consider it. Bigger risks would arrive if 10yr yields broke through their highs just over 2.41% and if that coincided with a new move to new lows for MBS prices. As of right now, we're holding fairly flat at the day's weakest levels.
