The risk on trade that began October 5 continued this week with the 10-year note yield at over 2.20% into mid-day on Friday from 1.783% as of the close of October 4.

Unlike last week, however, mortgage banker selling was modestly lower as originator pipelines cleared. Supply averaged $1.8 billion per day with 4.0% coupons making up the majority compared to $2.1 billion in mostly 3.5%s previously.

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