The May prepayment report was fairly uneventful with speeds on FNMA 30-years mostly in-line with expectations. Noteworthy were speeds on certain discount vintages that were slightly slower than previously anticipated. These results could indicate a sooner-than-expected slowing in the housing market.

In FHLMC Golds, percentage increases were mostly higher than corresponding FNMAs, particularly for discount coupons. Speeds on FNMA discounts were generally running slightly faster than Golds, and similar on par and premium coupons.

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