Greek drama book-ended the week that led to sharp flight-to-quality trades on Monday and Friday. Meanwhile, Treasury supply weighed on the market the days in between, which caused 10-year note yields to surge to 2.047% by Thursday's close from 1.90% at Monday's close.

For the most part, agency MBS investors took the rallies and sell-offs in a mostly supportive stride given the current outlook of low rates through late 2014, attractive carry and yield, and QE3 prospects.

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