MBS ALERT (2): Slipping, Crampons Failing, Ice Axe Broken, Where's my Belay?!

Temporary support floor violated on 4.5's now down 11 ticks at 101-10.  Lenders that priced already will likely have to reprice for the worse for the benefit of the lower end of their rate sheets.  5.0's are still making like Sly Stalone from Cliffhanger on the edge of 102-02, but whereas we were average two bids per ask at that price level, now we're down to a 1 to 1.  This is a sign of potential weakness to come.

Treasuries are selling off more as well.

Lock if you have sheets already.