Posted To: MND NewsWire

Mortgage prepayments continued unabated in October, even though interest rates rose during the month. In its “first look” at October loan performance data, Black Knight said the single month mortality rate (SMM) climbed another 16 percent during the month to hit the highest level since May 2013. The rate, 1.81 percent, is 134 percent higher than the SMS in October of 2018. The month also saw strong improvement in the national delinquency rate. The company said there were 1.786 million loans that were 30 or more days past due but not in foreclosure. The number dropped 68,000 month-over-month or 3.82 percent and was 98,000 or 6.92 percent lower than a year earlier. The national rate in October was 3.39 percent which is back within 0.03 percent of the record low it set in May of this year. There…(read more)

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Source: Mortgage News Daily