Tuesday 7/1/08 ... Yes, we are still hurting...

Now down 3 ticks on the day in 6.0's.  As you walk by the offices of the guys that are looking at the stock ticker on the TV, and saying "well, that's good, at least 10 year is still positive today, rates should be holding steady,"  smack him on the forehead with your rolled up lock confirmation fresh of the printer and let him know he coulda had a V8.  What I mean to say is that treasuries are still positive, but MBS cannot catch a break today.

Reprices for the worse are a near certainty if you did not see them with the last post.  .125-.25 on the day depending on the lender.   

(disclaimer, the above is hyperbolic sarcasm.  the author does not in fact wish you to cause any bodily harm to anyone.  Besides, enough mental anguish will be caused to said yokel when he sees the reprice for the worse and wonders why he didn't see it coming).