First Look At November 2018 Mortgage Data
Prepayment Activity Hits 10-Year Low as Refinances Fall and Housing Turnover Sees Seasonal Decline
- Prepayment activity (single month mortality) fell 15 percent month-over-month and 33 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
JACKSONVILLE, Fla. – Dec. 20, 2018 – Black Knight, Inc. (NYSE:BKI) reports the following “first look” at November 2018 month-end mortgage performance statistics derived from its loan-level database representing the majority of the national mortgage market.
*Non-current totals combine foreclosures and delinquencies as a percent of active loans in that state.
- Totals are extrapolated based on Black Knight’s loan-level database of mortgage assets.
- All whole numbers are rounded to the nearest thousand, except foreclosure starts, which are rounded to the nearest hundred.
The company will provide a more in-depth review of this data in its monthly Mortgage Monitor report, which includes an analysis of data supplemented by detailed charts and graphs that reflect trend and point-in-time observations. The Mortgage Monitor report will be available online by Jan. 7, 2019.
For more information about gaining access to Black Knight’s loan-level database, please send an email to Mortgage.Monitor@bkfs.com.
About Black Knight
Black Knight, Inc. (NYSE:BKI) is an award-winning software, data and analytics company that drives innovation in the mortgage lending and servicing and real estate industries, as well as the capital and secondary markets. Businesses leverage our robust, integrated solutions across the entire homeownership life cycle to help retain existing customers, gain new customers, mitigate risk and operate more effectively.
Our clients rely on our proven, comprehensive, scalable products and our unwavering commitment to delivering superior client support to achieve their strategic goals and better serving their customers. For more information on Black Knight, please visit www.blackknightinc.com.