Hidden Alert

Make sure you catch the bottom paragraph of the previous post for a potential reprice alert.

At this point we are at 99-29.  Some lenders may reprice for the worse, but most won't as we are still only down 6 ticks.

We hate to take a strong stand on an overnight float recommendation, but even for short term floaters, floating tonight looks like it might be a risk worth taking (barring MBS unfriendly data tomorrow, and there is a 10 year note auction which can be significant if deviant from expectations).

If you can't afford the risk though, don't do it.  but in general, lenders hedge a bit on fed day anyway.  This is why you probably won't see reprices from most lenders.  So even if things hold flat, some lenders may have a little extra something in there for you come tomorrow morning.  Keep the faith, stay strong, and <insert additional cliche phrase of reassurance here>.  If you can wait a few days, or better yet, a few weeks, the data and technicals available today suggest you'd regret locking right now.

But as is always true when watching the MBS market.  Stay tuned for changes!