We’ve seen a few reports of reprices for the better so far today and more are possible as long as Fannie 3.5’s keep operating near their highs of the day. They just hit 101-31 but have since fallen to 101-28. The modal high of the day at 101-29 seems to have been offering a decent amount of resistance versus the well-defined uptrend that’s persisted since the 10am hour.
The SP is just off its lows of the day at 1186.38 and 10yr yields are at 1.9533 after another brief test of the 1.95 resistance level moments ago. The longer MBS hold the 101-28 to 101-30 range, or if they happen to make additional gains from there, the greater the chances of additional reprices.