Higher interest rates have reduced prepayments to levels not seen since 2014.

February's monthly prepayment rate of 0.8% was down 15.26% from January and 9.94% from February 2016, Black Knight Financial Services reported Thursday.

Delinquency and total foreclosure presale inventory rates also declined.

The total loan delinquency rate for loans 30 more days past due but not in foreclosure fell 0.98% month over month and 5.51% year over year to 4.21%.

February's foreclosure presale inventory rate of 0.93% was down 1.88% from the previous month and 28.48% from February of last year.

Total foreclosure starts were 17.76% lower than January and 31.32% lower than in February 2016 at 57,900.

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