Tsy's eyes for 4.0% bigger than stomach as the collective voice of the market said "no deal" to 4% 10 yr notes, at least for now.

MBS liked that quite a bit and have put the big tightener to the yield curve reversing some huge initial losses and no back to pre-noon levels.  Unfortunately, the initial spike down will have already led some lenders to reprice for the worse, but that's what the last alert was for (forgive the sacrifice of content for speed...  Figured you'd be ok with that...)

wanna see the chart?

now LISTEN!  This DOES NOT mean reprices for the better are on the way.  WE'RE JUST LETTING YOU KNOW WHAT THE MARKET IS DOING!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

Very likely, reprices for the worse will be the order of the day until the volatility is sorted out.  Stay tuned....