Fannie 4.0 MBS are down an eighth of a point on the day and nearly that much from their morning highs.  10yr yields have risen somewhat quickly into negative territory as well, now up 1.15bps at 3.157%.

While this level of outright movement doesn't necessarily create much negative reprice risk this afternoon (it's an outside possibility for a few of the jumpier lenders), the more important consideration would be that lenders are now almost certainly NOT considering positive reprices any longer.  As such, if you were planning on locking before the weekend, now's the time.