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Conventional MBS prepays in-line, GNMA speeds slower

Prepayments on 30-year Fannie Mae MBS rose 6% overall and were in-line with consensus expectations of 5% last week. July's lower day count partially offset higher refinancing activity observed in late June through early July as mortgage rates dipped to a 14-month low.

In general, however, 4.5% and 5%...

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