MBS CLOSE: Gliding into the close with some "ground-holding"

4.5's are back up 2 ticks from last post at 101-07 which is 10 ticks down on the day.

Even 4.0's are feeling a bit better, back up to 99-25.

5.0's better still at 102-07.

The price ranges just above 101-00 in 4.5's have been a very solid floor since we crested them on the way up.  Holding above there is meaningful for MBS price levels, especially when it comes hand in hand with a much greater degree of treasury selling.

We're not getting widespread reports of reprices for the worse, but it doesn't mean they might not trickle in.  Still, be aware of that "floorish" area just over 101 in 4.5's.  If that holds, it could give way to an indefinite rebound of undetermined (but probably not massive) size.