Prepayments Jump as lower rates spur December refi surge

Late-year interest rates drove mortgage prepayment speeds back upward in December, as homeowners sought to capitalize through refinances, according to Intercontinental Exchange.  

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Prepayments increased to a 0.91% share of current liens, surging almost 10% from November’s pace, ICE Mortgage Technology’s monthly First Look report said. December’s rate was up by more than 59%…