MBS have shed a few more ticks with 2.0 UMBS down a quarter of a point from the morning's highs.  2.5 coupons are down more than an eighth of a point now.  A few of the jumpier lenders may view this as cause to consider negative reprices, but the average lender would still be waiting to see more significant losses.

Treasury yields are off their lows of the day and have been moving higher since the end of European trading hours.  That's not helping, although MBS were underperforming regardless.