Following the release of the Retail Sales report, benchmark yields rose and MBS prices plummeted. Many lenders released rate sheets at the lows of the day, thus mortgage rates moved higher out of the gates. However, shortly thereafter, benchmark rates began to recover as bargain buyers entered the market at the price lows. Then momentum was added to the relief rally following the worse than expected read on Consumer Sentiment. All MBS prices losses were eventually recovered. This allowed a few lenders to reprice for the better, but not all.
Carlos Figueira - Keypoint Mortgage 