Mortgage market activity over the past couple of weeks was generally quiet as many participants were on vacation due to the Christmas and New Year's holidays.

Flows began to pick up on New Year's Eve on month-end extension buying, and have carried over into the first two trading days of 2002. Spread changes since December 21 are mixed. Thirty-year Fannie Mae 6s and 6.5s are unchanged and plus one basis point, 7s are out five basis points, and 7.5s and 8s are one and four basis points tighter, respectively.

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