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Different day, same story... Bond markets stronger overnight, stocks weaker... Stocks correct in the AM, bond markets correct a bit less. Both fall again (bonds in yield, stocks in price) after the 8:30 data, bottom out and continue previous correction higher in yield for bonds, prices for stocks. All of the above is playing out similarly for MBS, on a somewhat smaller scale where Fannie 3.0s are only down a tick or two from the last update while Treasuries have shed 3-4 ticks.

Fannie 3's are still 1 tick in the green on the day at 104-13 while 10's are at their highest yields of the morning (still 1.75bps lower than y'day at 5pm) at 1.8185. Equities are at their highs as well with S&P futures now challenging yesterday's early afternoon ceiling near 1465 (roughly 1470 in cash).

Any of this pointing toward reprice risk? That seems like an awfully tall order for a mere 4 tick range in MBS. Not impossible for 1 particular lender to be considering it, but not likely for any others.

More from MND:

• MBS Commentary: MBS RECAP: Big Bounce Higher Ahead of Fed
• Mortgage Rate Watch: Mortgage Rates Slightly Lower Ahead of Fed Minutes, Bernanke
• MND NewsWire: Most Real Estate Investors in CA Plan on Selling Inside 6 Years
• MBS Commentary: MBS MID-DAY: Bond Markets Rallying. Wait... What?
• Pipeline Press: Freddie's Non-Usage Fees; LO Comp, Land Sales, and Reg. E Tidbits - It's a Compliance World

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