Freddie Mac prepayments moved higher in April on the strength of seasonal increases in housing activity. However, the increases were smaller than those experienced by Fannie Maes from February to March.

"Freddie Mac's April prepayments followed the path established by last month's Fannie Mae speeds, increasing by 14% to 24% on an aggregate basis for Gold 6s through 7.5s," said John Vibert, an MBS researcher at Credit Suisse First Boston. "Among premiums, April's prepayment increases were considerably more subdued."

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