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8.      How would you describe the typical price behavior of a low premium mortgage pass-through security?
　　A.     It is similar to a U.S. Treasury bond.
　　B.     It is similar to a plain vanilla corporate bond.
　　C.     When interest rates fall, its price increase would exceed that of a comparable duartion U.S. Treasury.
　　D.     When interest rates fall, its price increase would lag that of a comparable duration U.S. Treasury.
　　答疑：這道題主要考察的是提前償付問(wèn)題，mortgage pass-through security通常存在提前償付的問(wèn)題，一旦利率下降，借款人可以以更低的利率進(jìn)行融資，因此會(huì)提前償還之前的借款，然后重新借入一筆利息更低的借款。所以這樣的債券當(dāng)利率下降的時(shí)候價(jià)格雖然會(huì)上升，但是相對(duì)于普通的的債券來(lái)說(shuō)上升得比較少。