The Smart Team of NOVA® Home Loans

Interest Rates Taking a Toll on Mortgage Prepayments

Posted To: MND NewsWire

Rising interest rates took a toll on mortgage prepayments in January. Black Knight Financial Services said the pre-payment rate (SMM) was down 29.83 percent compared to December. Despite the downturn, the rate, 0.95 percent, was still 17.15 percent higher than in January 2016. The information on prepayment speeds, generally a good indicator of refinance activity , is part of Black Knight’s monthly “first look;” advanced information from the company’s Mortgage Monitor report on month-end mortgage performance statistics. The January Monitor will be published by March 6. The company says that mortgage delinquencies declined by 3.87 percent from December to January and were 16.57 percent lower than a year earlier. There were 2.16 million loans that were 30 or more days past due in January, but…(read more)

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Source: Mortgage News Daily

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