Speeds have hit a new low.  Mortgage rates are once again up significantly from September, and payoffs continue to decline.  While some of this may be due to seasonality, low existing mortgage rates contribute to this prepay lethargy.  The average coupon of all loans outstanding in this database ($5.8T) is 3.68% with over 85% of all loans outstanding having a coupon <= 4.99%.  In today's 7.5% rate environment, payoffs are going to stay low for quite awhile to come.