Conventional prepayments in July slowed 16% and 19% overall for 5s through 6.5s for FNMA and FHLMC Gold 30-year MBS — in line with expectations.

Additionally, speeds by coupon and vintage were also close to expectations. A couple of exceptions included a 20% jump in speeds for FNMA 2007 7s — which were projected to remain almost the same, and overall declines in speeds of 7% and 11% in FHLMC Gold 6.5s and 7s versus a predicted slowing of 1%-2%.

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