MBS Have been losing ground modestly throughout the morning. 2.5 coupons are at new lows of 103-14 (103.45) which is unchanged on the day and an eighth of a point lower than the morning's best levels. 2.0 UMBS are down a similar amount from their best levels, but still barely positive on the day.
More than anything, this is a heads-up to let you know we just hit the weakest levels of the day. Technically, they were weak enough to connote some small amount of reprice risk from the jumpiest lenders, but we'd likely need to see several more ticks of weakness before anyone pulled the trigger.
