After what started off as a quiet week for the mortgage market, a series of bid lists put some pressure on spread product, creating some spread tightening for the week.

At Thursday's close, mortgage spreads were at 182 over the 10-year Treasury, in five basis points from last week's 187 over. "The first week of July was a general positive tone on the mortgage market," said Art Frank, head of mortgage-backed securities research at Nomura Securities.

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