The wait for the Federal Open Market Committee's (FOMC) statement on Wednesday afternoon kept mortgage volume below normal in the first half of the week.

Flows were mixed, although tilted toward better selling. Asian investors were a light two-way presence, focused primarily in 5.5% coupons. Money managers sold lower coupons to move up in coupon, while the longer-type investors like pension funds and insurance companies bought in the lower half of the coupon stack.

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