The mbs charts look terrible. I think we need another big leg down. A 5.5% mortgage rate probably would do the trick. From there an up 100 bp is about as bad as it can get considering it's really hard to get above 7%... we couldn't do it the last 15 years, don't think it will go above 7 in the next 15 years either. Then we just have to worry about the fed funds rate. Good thing swaps will help us there.