FNMA 30-year fixed rate prepayments were in line with expectations for March, increasing over 60% as Fannie Mae began buying out 120 day or more delinquent loans, starting with higher coupons. Speeds on FNCL 6.5s and 7s surged over 200% compared with around a 30% increase for lower coupons.

The increase in speeds in lower coupons was largely a result of the higher day count: 23 versus 19 in February.

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