Mortgages outperformed again last week as originator selling was minimal and steady buying was seen from hedge funds, banks, money managers and CMO desks.

Over the Wednesday-to-Wednesday period, spreads tightened four to seven basis points in 30-year conventional currents and discounts, and were 10 to 12 basis points richer in 7% and 8% coupons. Fifteens also saw strong support, with spreads firming two to three basis points in 5.5s and 6s, and six to nine basis points in higher coupons.

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