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Mortgage Prepayment Rate Reaches Highest Level Since 2005

Mortgage prepayment rates have soared to the highest in seven years as homeowners take advantage of the lowest borrowing costs on record to refinance.

Home loans were repaid in August at a pace that would erase 25 percent of the debt in a year, according to Lender Processing Services Inc., a Jacksonville, Florida-based data provider that tracks 40 million mortgages.