Mortgage backed securities (MBS) prices continue to climb higher (rates improve) after the Fed purchased $2.97 billion of Treasury securities, the 3yr note auction drew strong demand and FOMC minutes were released showing the policy makers intent on lowering borrowing costs further.

Favorable repricing is probable this afternoon. FYI, tomorrow is "rollover" day, switching to the May coupon, so prices will drop accordingly. Also, the bond market has an early close tomorrow, 11am pt.