Mortgages recorded strong two-way flows last week, dominated by roll activity related to 48-hour settlement in 30-year conventionals. As a result, interest was focused primarily in 6s and 6.5s. Over the past week, spreads tightened one to two basis points in conventional currents and nine to sixteen basis points in 7s through 8s.
Ginnie Maes, however, were mostly weaker with the exception of 6s, which tightened two basis points. Six percent coupons through 8s widened one basis point through fourteen basis points, respectively.