Speeds on MBS were projected to increase around 5% on average in July. However, speeds were 2% slower on FNMAs, flat on FHLMC Golds, and 1% higher on GNMAs.  

In general, speeds increased much less than expected on moderately seasoned 5% coupons and lower, while 5.5s on up prepaid slower than in the prior month versus a call of more or less flat.

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