February 28th, 2008 1:59 pm | by John Jansen |

 Mortgage spreads tightened between 3 basis points and 7 basis points and the magnitude of the move depended on the coupon. The huge buying of yesterday continues as real money, banks and servicers look for duration. So FNMA 5s have outperformed swaps by 6 basis points and the 5 ½ coupon has bested swaps by 3 ½ basis points.

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