As the yield curve flattened, mortgage rates dropped by about 32 basis points in August, dragging down the value of mortgage servicing rights, according to Mortgage Industry Advisory Corp., New York.According to the MIAC index, the value of servicing rights on 30-year, agency loans declined by 10.7% on average between Aug. 1 and Sept. 1. However, MIAC noted that several portfolios of mortgage servicing rights were offered for sale in August. "Although volumes are still down substantially from their peak, there is no question that the supply of bulk portfolios being offered for sale has increased dramatically this year," MIAC said in its monthly MSR update. MIAC is located at http://www.servicing.com on the Internet.

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