Conventional speeds were predicted to decline about 20% on average from October with GNMAs predicted to be down half as much.

Paydowns were estimated at $34 billion. Factors contributing to the decline were four less collection days and a decline in refinancing activity: the Mortgage Bankers Association's Refinance Index averaged 24% lower in October versus September in response to a 16 basis point increase on average to 6.20% on 30-year fixed mortgage rates.

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