MBS ALERT: Bush's Auto Bailout Statement Having Expected Impacts

As posited in the last post, treasuries have stepped up the selling and MBS have come off a few ticks.

5.0's are still at base camp 4 ticks down on the day at 102-03, but seemingly heading the way of the 4.5 who has gone over the icy cliffs, now 7 ticks down on the day at 101-14.

If you have rates already, locking is probably safer for short term deals, but it does look, for the moment, that both of these price levels are finding support.