Fannie Mae’s current-coupon 30-year fixed-rate mortgage bonds narrowed 0.03 percentage point to about 0.65 percentage point more than 10-year Treasuries as of 9:33 a.m. in New York. The gap, which has fallen from 0.82 percentage point on June 30, touched a low of 0.59 percentage point on March 29, two days before the Federal Reserve ended its buying of $1.25trn of home-loan debt.