Speeds increased more than projected in October due primarily to much stronger Home Affordable Refinance Program (HARP)-related activity than was expected – particularly from Bank of America.

The 30-year FNMA speeds were predicted to increase 10% to 15% on 3.5s and 4.0s and by around 10% on higher coupons; however, CPRs were up between 3% and 8% on average on the lower coupons and by 15% to 20% on the upper ones. The trend was similar in Freddies as well.

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