Fannie 3.5s are now down 4/32nds (.125) from some lenders' rate sheet print times. Fannie 3.0s are down 5/32nds over the same time. Those lenders are now in a position to consider negative reprices.
NOTE: many lenders priced earlier in the morning when MBS prices were lower (in fact, they were even lower than current prices). Thus, they are at no risk of reprices. Bottom line, it's still a bit early for most lenders, even if they priced near the highs, but we could see a few at current levels.
