The backdrop of this week's mortgage activity continued to be about the European Union and 

This week, however, worries about the European Union kept investors more risk averse versus last week's risk on action. With yields slightly lower and supply manageable, there was buying in production coupons from a wide range of investors including banks, insurance companies, overseas, money managers, fast money and, of course, the Federal Reserve into mid-day Wednesday. Premium coupons, meanwhile, were pressured by selling on various headlines related to changes to Home Affordable Refinance Program (HARP), including a midweek meeting between the Federal Housing Finance Agency (FHFA) and originators.       

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