Prepayment activity drops to another record low as mortgage rates top 7%
NOVEMBER 22, 2022
Prepayment activity fell to another record low in October amid mortgage rates topping 7% and refis drying up. Black Knight expects that the steep declines in rate lock volume and seasonality factors point to further declines in prepayment activity. Prepayment dropped 16.5% to a single-month mortality rate of 0.48%, well below the previous record of 0.55%, according to Black Knight’s October mortgage performance statistics report.