-- Prepayment activity fell 14 percent month-over-month and 29 percent year-over-year to its lowest level since November 2008
-- Historically, prepayments were driven primarily by refinance activity but, more recently, the primary driver has become housing sales
-- The last time the prepayment rate was this low - in the heat of the financial crisis - interest rates were above 6 percent and purchase lending had fallen by more than 50 percent in a 24-month span
-- Delinquencies saw a slight seasonal increase in November, but remain 19 percent below last year's level
-- Serious delinquencies (90 or more days past due) also increased slightly for the month; now stand at 510,000
-- Foreclosure starts fell by 11 percent month-over-month, with an estimated 45,200 starts in November
-- A slight uptick in foreclosure inventory was offset by a month-over-month increase in the number of outstanding mortgages, resulting in a net decline in the national foreclosure rate
PR Newswire
JACKSONVILLE, Fla., Dec. 20, 2018
