Which of the following is not true regarding prepayments?
a. The greater the prepayments, the shorter the security's duration.
b. Prepayments are relatively low during the first two years of a mortgage.
c. Mortgages to older people tend to have more prepayments than mortgages to younger people.
d. Prepayments increase as interest rates fall.
e. all of the above are true
Answer: C