Agency MBS Analytics

Prepayment Speed Explorer

Constant Prepayment Rate (CPR) by coupon, vintage, and GSE — Fannie Mae and Freddie Mac. Trailing 3-month CPR; updated quarterly.

What you're looking at. CPR — Constant Prepayment Rate — is the annualized pace at which mortgage borrowers pay off their loans early, mostly by refinancing or moving. When rates fall, CPR spikes as borrowers refinance into cheaper loans; when rates rise, it slows to a crawl. For an agency-MBS investor, that speed is the single biggest driver of how long a bond actually lasts and what it's worth. Pick a coupon below to see how prepayment differs by vintage year and GSE.

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