Not only are prepayment speeds for both Fannie Mae and Freddie Mac MBS expected to increase for both February and March, but each will outpace the other, analysts say, in a "leapfrogging" pattern rather than a "catch-up" pattern.

When rates drop at a rapid pace, Freddie speeds tend to replicate those of Fannie, with a lag. But some observers are saying that February FHLMC prepayments could easily leapfrog Fannie's January speeds.

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