Fannie 3.0s are back to 104-04, mathcing their lows of the morning. There hasn’t been a ton of similar movement suggested by Treasuries, which are instead just traipsing sideways near their highs of the day.
But the move in MBS is a more directional mini-selling-spree from the 104-08 territory during rate sheet print times. It’s not necessarily enough movement for most lenders (who already priced conservatively), to add a negative reprice on top of that, but it hasn’t shown much desire to bounce back to higher prices.
if we hold here, it’s possible we could see an outlying reprice. It would probably take a few ticks of additional weakness to get more than 1 or 2 lenders on board with such things though.