The downward trajectory of speeds continues.  The governments are finally down below 15% CPR, while the conventionals are now around 7.0%.  Conventionals are now starting to approach their "demographic" level (i.e. deaths, marriages, transfers, etc).  Mortgage rates increased 30 basis points between July and August.  While nowhere near the Jimmy Carter rate levels (yet), the 30-year fixed rate mortgage is at 5.66%, up 30bps from last month and up 247bps from last year-end.  It appears that jumbos, that are now under the increased lending limits, are refi'ing into conforming loans.