With month-end and quarter-end prevailing over the market last week, not even a Federal Reserve interest rate announcement could create a stir among mortgages.

"We closed last week with the Fannie Mae current coupon at 188 over the 10-year and actually it's still there," said Art Frank, head of mortgage-backed securities research at Nomura Securities. "We really haven't had very much tightening. The mortgage bankers have been fairly quiet. Today [Thursday] there was hardly any selling at all."

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