Conventional speed increases on average were in line with expectations. However, speeds on 5% coupons and lower were much faster than projected, while 6s through 7s were slower. 

Contributing to the jump in speeds was a 24% increase on average in refinancing activity as measured by the Mortgage Bankers Association's Refinance Index in response to a 20-basis-point decline in 30-year mortgage rates to 4.51% as reported by Freddie Mac. 

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