Fueled by Low Rates, Prepayment Rate Continues to Rise

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Posted To: MND NewsWire

With interest rates remaining at 2019 lows and spring market home sales kicking in, the rate of prepayments continues to rise. Black Knight, in its “first look” at April mortgage performance data, says the rate is up 17.54 percent from March and 17.65 percent year over year. Over the last three months the prepayment rate has increased by an aggregate of 67 percent. The rate in April was 0.99 percent. The delinquency rate fell by 5.05 percent compared to March and is down 5.41 percent from April 2018. At 3.47 percent of all mortgages in the country, the rate is the lowest in Black Knight’s records dated back to 2000. Loans that were at least 30 days past due but not in foreclosure fell by 91,000 to 1.812 million in April. This was 73,000 fewer delinquencies than a year earlier. Serious delinquencies…(read more)

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