Well Into Positive Territory; Positive Reprice Potential
As mentioned in the Mid-Day commentary, the positive reprices would be a possibility if the morning bounce continued. A few positive reprices have already come across from some of the 'early crowd' lenders, but we've gained enough ground now that a broader swath would be justified getting involved.
Naturally, that will be somewhat mitigate by the fact that it's a Friday afternoon. There could be some hesitation as well ahead of Bernanke's 2:30pm speech.
Fannie 4.0s are now up 5/32nds on the day and a full quarter of a point from some lenders' initial rate sheet print times. 10yr yields are just about to break even on the day at 2.985.