Many of the nation's largest mortgage lenders have begun to charge prepayment penalties to deter customers from refinancing their adjustable- rate mortgages.

The penalties are mostly being applied to mortgages to be held in the lenders' portfolios. They tend to have low or no fees or closing costs but may have higher-than-usual starting interest rates.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.