Prepayment Rates and Equity at Recent Highs

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Posted To: MND NewsWire

Both the amount of equity available for tapping by homeowners and mortgage prepayment rates hit new recent highs in February . Black Knight’s Mortgage Monitor , which focuses on details of mortgage performance during the months, looked at these two aspects of that performance as well as updating hurricane related delinquencies four and five months after Harvey and Irma wreaked havoc in Texas and Florida. Loan prepayments or the SMM (Single Month Mortality) rate hit a four-year low during the month. In fact, only three months over the last 15 years have had a lower rate of paydowns and payoffs, September and November 2008, just as the housing downturn was reaching crisis levels, and February 2014, a period with interest rates and a seasonal environment similar to this past February. This time…(read more)

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