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10yr Yields are currently making new lows for the day, following the cash close for stock markets. MBS are at, but not through their previous highs of the session. Still, all things considered, it's a much better position to be in than the 5-6 ticks lower prices that prevailed in the early afternoon.

It's technically feasible that additional lenders will reprice positively this afternoon, but not as likely as it would be if these gains were being held at some other time than the final hour of MBS trading. Floating until closer to cut-off makes sense unless the lender in question has demonstrated pipeline control reprice potential in the past.

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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