The bid side of the market has been choppy and downbeat since 8:30am.  Perhaps the mortgage market is drawing the same conclusions we are about the relief bill (i.e. that it's more likely because of 3m+ jobless claims and less likely to be tweaked, thus guaranteeing drama for the mortgages).

2.5 UMBS are down more than half a point on the day and nearly a full point from the opening trades.  Any lenders already out with rates or with overnight lock availability are at risk of reprices.