2.5 UMBS were as high as 104-10 (104.31) at their best levels and were at 104-08 (104.25) a short while ago.  They've since fallen to 104-04 (104.125).  

In a more normal time (i.e. pre-coronavirus) this would be enough to mention negative reprice risk.  I'm mentioning it here only because the modest weakness could combine with pipeline control motivations for a few lenders.  In other words, those who were priced fairly well could be  seeing enough volume to consider a pipeline control reprice, and the MBS weakness could help solidify the decision. 

Risks are minimal to negligible for most lenders, but a few of the jumpier lenders could be considering it.  

Here's the best way to use this alert: if you were already planning on locking today, it's looking like a better time to pull the trigger.  If you weren't planning on locking today, we haven't seen enough of a shift to cause concern.