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As rates continue falling further, market prepares for Refi Reloaded

Currently, 93.1%, or $2.6 trillion, of the fixed rate MBS universe is exposed to refinancing risk at a 5.45% mortgage rate, says Bear Stearns. This level of exposure is similar to that of last October. So what does this translate into in terms of origination and prepayments?

Bear Stearns...

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