The September prepayment reports brought relief after the August data encouraged fears of a potential refi wave in the making. 

Barclays Capital analysts had attributed the increase to spillover from the previous month. In July, speeds were slower than projected as originators were not prepared to deal with the refinancing activity pickup around mid-spring as mortgage rates moved below 5%. Ass a result of capacity constraints, lenders had to extend the time for processing loans. 

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