June factor reports will be released starting tonight. Paydowns are projected in the mid-$40 billion area.

Speeds are expected to slow 3% to 4% on average in response to a decline in refinancing activity during the period as a result of higher mortgage rates, tight lending standards, ongoing housing weakness and low consumer confidence.  The Mortgage Banker's Association Refinance Index averaged just 2036 in May, down 15.6% from April's average.

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