Although the short end of the yield curve picked up in July, mortgage rates actually dropped, causing a decline in value for some mortgage servicing rights, according to MIAC.MIAC said the July drop in MSR values "slightly eroded some previous MSR gains." The New York-based company said there has been increased activity in the market for servicing rights, with several notable transactions occurring recently. MSR values on agency, 30-year portfolios declined by 4.10% between July 1 and Aug. 1, according to MIAC. (A Generic Servicing Assets table, which represents MIAC's opinion of the market value of various MSR assets, appears every business day on the Mortgage Servicing News website.)

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