The prepayment report for February released last night showed the fixed-rate agency market paying at 24% CPR, with roughly $70 billion in pay downs. This figure is a 35% rise versus last month.

In its prepayment commentary, JPMorgan Securities noted that the number of outstanding agency fixed-rate mortgage-backeds fell by $10 billion. The unadjusted Mortgage Bankers Association (MBA) Refinancing Index rose by 10% from January to February. There are four more collection days in March versus February, so the rise last month is considered significant.

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