Freddie Mac and Ginnie Mae released their June prepayments yesterday evening, while Fannie Mae is scheduled to report tonight.
GNMA speeds were in line with expectations of remaining almost the same. However, coupon and vintage dynamics were different. The 5% through 7% 2008 vintages prepaid much slower than expected, slowing 18% from May versus a projection for them to remain unchanged. The 2007 vintages were also slower for the most part, with the exception of 5% coupons that surged 50%. The 2006 vintages also slowed with the exception of the 5% coupon, which was 3% faster. Older vintages mostly increased from May.