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Prepayment Rate Shrinks, Composition Shifts

The November Mortgage Monitor from Black Knight focused largely on the shifting of the mortgage market toward purchase originations and the unexpected expansion of the refinancing pool due to recent interest rate drops, but it also had an interesting analysis of the current mortgage prepayment rate (also known as single month mortality or SSM).  Mortgage prepayments typically slide along with refinancing, and right on schedule the SSM rate for fixed-rate mortgages hit a 10-year low in November, down 34 percent year-over-year.  But this time there are some anomalies in the decline.

 

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