ICE First Look at Mortgage Performance: Prepayments Rise on Recent Refinance Activity and Serious Delinquencies Increase as Cure Rates Slow

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Intercontinental Exchange (ICE) reported a rebound in mortgage prepayment activity in February 2026, driven by recent refinance waves, with speeds up 14% month-over-month. Concurrently, the national delinquency rate edged higher due to seasonal increases in early-stage delinquencies and a notable rise in seriously past-due loans, although overall delinquency rates remain below pre-pandemic levels. The increase in seriously delinquent loans is primarily attributed to a slowdown in cure rates rather than a spike in new defaults, with FHA loans accounting for a significant portion of this rise.

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