Last week was relatively quiet overall as investors waited for Friday's employment report. Originator selling averaged less than $1 billion per day, which held spreads in a narrow range. Investor activity was mixed with better buying seen early in the week, and a pickup in selling in the later part. Over the five-day period, spreads were three basis points tighter in 30-year Fannie Mae 5s; one basis point better in 5.5s and 6s; and seven basis points firmer in 6.5s. In 15-years, spreads were in one to two basis points for 4.5s through 5.5s and flat in 6s.

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