As trader's prepare to mark their books at 3pm, stocks are off the lows, benchmark TSYs yields are moving higher, and rate sheet influential MBS coupons are making new intraday lows.

The 10yr TSY note is currently -0-19 at 101-25 yielding 3.411%. The FN 4.0 is trading -0-07 at 98-14 yielding 4.162% and the FN 4.5 is -0-06 at 101-00 yielding 4.379%. The secondary market current coupon is 4.289%. The CC is +88/10yr TSY note and +70/10yr swap. The FN 4.5 is +97/10yr TSY. Production MBS coupons are being outperformed by benchmarks today, yield spreads are wider.

Here is the FN 4.5. Prices have slowly progressed lower on the day, but have found support at 101-00.

If 101-00 is broken, some lenders may decide to reprice for the worse.