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Low Rates Stoke Second Month of Prepayment Gains

Posted To: MND NewsWire

Black Knight Financial Services said on Thursday that continued low interest rates fostered another increase in prepayments . The national prepayment rate, considered a sign of refinance activity , rose 5.3 percent in June on top of a 23 percent jump in May. It now stands at 1.12 percent. Despite these gains, it still lags the rate last year by more than 22 percent. The company released the prepayment information as part of its “first look” at June loan performance data. More detailed analysis will be presented in its next issue of Mortgage Monitor which will be available on August 7. Black Knight said the national mortgage delinquency rate resisted typical seasonal pressures, held steady at 3.8 percent in June. Early delinquencies increased, pushing the non-current rate up by 3.0 percent,…(read more)

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Source: MortgageNewsDaily

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