If you did, in fact, see your reprices for the worse, and that should be most every lender, then floating is once again in order. We've come up off the lows a bit with the 5.5% coupon at 100-21. At it's lowest, we say 100-16.
Wall Street is mum on the causes for the precipitous drop off. Certainly, the rallying stock market played the largest role. Other factors will be profit taking among MBS holders noting the nice price. Also, there was shuffling around of demand on the investor and servicer side leaving more sellers than buyers. Taken all together, it was enough for the miniature cliff dive from 100-26 to 100-16.
Still, you probably made it out with .25 YSP of damage which is not too bad considering you didn't have that at the beginning of yesterday anyway. And hopefully, floating will pay off with a moderating stock market into the close coupled with weaker than expected economic data tomorrow. Certainly take the time to evaluate your positions before your rate sheets expire today and decide if floating over night makes sense. We will know much more about how to advise you on that after seeing what the markets do for the next 2 and a half hours.