January speeds reported last week came out tame January prepayment reports released last Wednesday showed speeds that were generally in-line with previous Street projections.

According to research from Merrill Lynch, FNMA 30s increased by 8% in aggregate on the month from 8.8 CPR to 9.5 CPR. Refinancing activity, according to analysts, was hindered by the short selloff in the middle of December as well as homeowners postponing the application process until after the holiday season.

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