• Fannie 3.0s down 7 ticks on the day with 4 ticks (.125) from some rate sheet print times
• Lenders who priced before the highs (near 10-1015am) are at relatively no risk 
• Still, the trend is not our friend at the moment

It's been a volatile morning for bonds, but inside a fairly narrow range.  The timing of the volatility may catch a lender or two off guard as some of the later lenders put out rate sheets near the highest prices.  Fannie 3.0s are down 4 ticks from the time that those rate sheets came out (10am-1015am).

On a more qualitative note, bonds simply look like they're under pressure here--bouncing in line with yesterday's high yields and moving higher with stocks and oil.  The afternoon's 10yr auction doesn't advocate any speculative buying either.  Bottom line: negative reprices couldn't be ruled out completely for a few lenders.  Risks would be more pronounced if we lose another few ticks (Fannie 3.0s in the 101-28 area).