Prepayments

Fewer homeowners paid off mortgages early during past 12 months

Fewer homeowners paid off mortgages early during past 12 months

Residential mortgage prepayment rates dropped in 48 states and the District of Columbia between the 12-month period that ended July 31 and the 12-month period that ended October 31. Nationwide, the average 12-month prepayment rate fell from 10.8% to 10.2% – a decline of 60 basis points (bps) – between the ends of the two periods.

Geography quiz: where are residential mortgages prepaying the fastest and slowest?

Geography quiz: where are residential mortgages prepaying the fastest and slowest?

The seven states with the fastest prepayment rates for home mortgages are all in the West – Idaho, Colorado, Arizona, Utah, Washington, Nevada and Oregon. That’s according to a report issued by MountainView Financial Solutions, a Situs company, for the 12-month period ending April 30.