MBS AFTERNOON UPDATE: Big Hurt Down In Coupon

Stocks and tsy yields are skyrocketing.  For once in a blue moon, we see a good old-fashioned stock lever.  4.0's are taking the brunt of it, now down 17 ticks, with most of the drop occurring in the last 3 minutes.  Price levels are nearing 99-20.

4.5's are only a tick worse than the last update, and it's likely many lenders are more focused on this and 5.0's as opposed to 4.0's.  4.5's are down 12 ticks to 101-05.  5.0's down 11 ticks to 102-05.

If you haven't yet seen reprices for the worse, those who carry rates in these low ranges may be paying your email a visit soon.