June CPRs were slower than the negative 3% to negative 4% that was expected. Instead, speeds declined 10% on average for Fannie Mae, 13% for Freddie Mac, and 8% for Ginnie Mae securities.

Speeds on conventional 5.5s and higher, in particular, recorded the greatest percentage declines, averaging 10% to 15% slower on FNMAs (15% to 20% on FHLMC Golds ) versus expectations of negative 4% to negative 7%.

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