MBS ALERT: More Reprice Risk

It would be a surprise not to get a reprice for the worse at this point with the 4.0 down 18 ticks and the 4.5 down 17 ticks.

Things look like the MAY be bottoming out as far as MBS today.  That would be a level of around 98-10 to 98-12 on 4.0's, and right around par and a half on 4.5's.  (Crazy to think that at historical primary/secondary spread levels, we'd have seen 4.5 at PAR on ratesheets given this MBS price...)