MBS MID-MORNING: Getting "Leaky"

selling is not severe at the moment, but prices have leaked out to the tune of 2-3 ticks on 4.5's, bringing us to 5 ticks down on the day at 101-12.  If you already have rates, this is probably not enough of a movement for a reprice based purely on MBS price, but if the trend continues, it's possible.  More likely is continued range-bound volatility.