March's Low Rates Caused a Spike in Refis

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Posted To: MND NewsWire

The declining interest rates earlier in the year along with increased refinancing made themselves felt in March as prepayment activity surged. Black Knight, in its "first look" at the month's mortgage data, notes the rate rose 28 percent compared to February. It was the largest single-month increase in 2.5 years although the rate prepayment rate , 0.84 percent, is down more than 4 percent year-over-year. The national delinquency rate fell by 5.3% for the month , the smallest improvement for any March in six years in what is typically the strongest-performing month of the year. The month however ended on a Sunday which often leads to an increase in 30-day delinquencies. It also followed an atypical increase in delinquencies in February. Mortgages that were 30 days or more past due but not in...(read more)

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