Conventional speeds increased less than expected in July, with 30-year FNMAs and FHLMC Golds up 5% to 7% versus an over 15% projection. 

Specifically, speeds increased in line with expectations in 5% coupons — around 20% — as a result of their increased callability, while higher coupon 6s through 7s actually slowed versus a slightly higher projections.

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