HARP Prepays Persist While Others Slow
Prepayments on Home Affordable Refinance Program-eligible cohorts remained stable or slightly higher, but overall conventional bond speeds have dropped.
Thirty-year conventional mortgage-backed security speeds fell 4% from the previous month in the latest round of prepayment data, according to Credit Suisse.
Low coupons in 30-year pools continued to slow but the speeds of HARP-eligible loans maintained or accelerated their pace slightly, according to the firm’s research.
Credit Suisse also found that 15-year low coupons slowed a bit but less than in the 30-year sector.
Ginnie Mae 30-year speeds generally were flat.