30y mtge price off the belly not the long end because their duration is more like 6-8 years than 30; that free prepayment option gets exercised and REGULARLY. Refis + moves mean the typical mortgage gets paid off long before scheduled maturity. More in the thread linked in next post. RE: https://bsky.app/profile/did:plc:y3cfhqre6iuilnhwp23fgl2v/post/3mrub7adt4s2p