Speeds on 30-year FNMAs slowed about 5% to 10% in June compared with previous expectations that speeds would remain the same in the lower coupons or decrease by up to 5% in 6.5s. The largest percentage of slowing was recorded in 6s and higher. The Freddie Mac prepayment report was very similar to its rival Fannie Mae's.
Speeds on GNMAs were more in line with expectations overall, declining about 4% in June from May. This is true for most coupons and vintages with the exception of 2005 and 2006 6s, which slowed 19% and 14%, respectively, and 2006 5s, which prepaid 14% faster than in May.