What is meant by prepayments due to housing turnover?
What will be an ideal response?
Housing turnover means existing home sales. The two factors that impact existing home sales include (1) family relocation due to changes in employment and family status (e.g., change in family size, divorce), and (2) trade-up and trade-down activity attributable to changes in interest rates, income, and home prices. In general, housing turnover is insensitive to the level of mortgage rates.
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