Both gross and net agency MBS issuance dropped substantially in October to $86.8 billion and $6.6 billion, respectively, compared to $123 billion and $51 billion in September — and September was the lightest levels for both since February of this year.

November is also looking to be very light again with month-to-date gross at $48 billion halfway through the month, and the looming Thanksgiving holiday should keep issuance limited in the latter half. With paydowns estimated at $86 billion, this month is on track to be flat to negative in terms of net issuance.

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