General World News

Prepayment activity to slow in 2023 as mortgage delinquencies face pressure

Prepayment activity is expected to face seasonal headwinds into early 2023 after hitting another record low in November. 

“Record low refinance activity and lackluster home sale volume driven by still historically tight home affordability” was the result of prepayment dropping 15.6% to a single-month mortality rate of 0.40%. This was below the previous record of 0.48%, Andy Walden, VP of enterprise research and strategy at Black Knight, said. 

Home sales tumbled more than 7% in November, marking 10 straight months of decline, according to the National Association of Realtors (NAR). Demand for refi was down a staggering 84.5% details ⇒

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