The more interesting story about September prepayments came in GNMAs, where speeds increased more than expected: 8% versus 1%. 2007 vintages were sharply higher in 5.5s, 6s and 6.5s; these surged a respective 80%, 63% and 28% from August's average.

Meanwhile, 5s also increased 10%. On average, 5% coupons were up 24% and 6s 11%.

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