Prepayments on FNMAs increased slightly less than expected: over 29% to a 34 CPR average  versus a projected 36% increase to 36 CPR.

Specifically, 6.5s and 7s declined somewhat more than expected at between 63% and 64% versus the close to 60% predicted, while 6% coupons, which were the target of delinquency buyouts in April, jumped 140% versus an expected surge of nearly 160%.

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