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instantwinbutton, it's possible NAV will be lower. Your right, MBS is coming off it's peak at the end of September.
But not that much where you would see NAV at $27.
30YR FNMA 3.5 is currently at 106-09.
I think that is down about a point from the end of last Q.
A year ago 30YR FNMA 3.5 was at 101-31.
We are still way way over normal.