The conventional 30-year prepayment reports for May were uneventful.  The 30-year FNMA speeds were in line with expectations.

The reports showed the 5% and 5.5% coupons increasing slightly over 100% from April, as delinquency buyouts were concentrated in these coupons. Meanwhile, the 6s declined 61% following their big buyout purge in April to a post buyout average of 27 CPR, according to eMBS. 

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