Although we could conceive of a lender or two coming out with a “stability reprice,” we’d note that stability is really all we have today. Fannie 3.5’s haven’t moved outside a 3 tick range since 9am, which is about as narrow as things tend to get.
Over that same time, 10yr yields haven’t moved outside 1.93’s to 1.95’s, and spent most of the day in the 1.94’s. Meanwhile, stocks are seeing their worst day of losses since early December, erasing most of the SP gains since February’s NFP report.
Although we’re not expecting many reprices, it’s possible we’d see a lender or two release a small “stability reprice,” but there’s not much to work with considering Fannie 3.5’s are actually at the exact same price as they were during our first alert this morning.