Mortgage Prepayments at 3-Year High Thanks to Brexit

Posted To: MND NewsWire

Mortgage prepayments, generally a good indicator of refinance activity , skyrocketed in August. According to Black Knight Financial Services "first look" at its August mortgage data, the Single Month Mortality (SMM) or prepayment rate, fueled by post-Brexit interest rates, rose by 32 percent from July to hit a rate of 1.67 of all outstanding mortgages. It was the highest SMM rate in more than three years. After spiking in July, delinquencies fully recovered in August. The rate of 30-day or more delinquencies was down 6.04 percent month-over-month and 11.41 percent on an annual basis to 4.24 percent. There were 2.15 million mortgages past due at the end of the month, a decline of 135,000. Serious delinquencies, loans 90 days or more past due but not yet in foreclosure, accounted for 669,000...(read more)

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