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Servicing Rights (Tables)
 12 Months Ended
Dec. 31, 2018
Transfers and Servicing [Abstract]  
Servicing Asset at Fair Value
The following table outlines the key assumptions used in measuring the fair value of mortgage servicing rights as of December 31, 2018 and 2017:

 
2018

2017

 
 
 
Average constant prepayment rate
7.70
%
9.00
%
Average discount rate
9.94
%
9.45
%
The following table details the activity in the Company's mortgage servicing rights ("MSR") for the year indicated:
(In Thousands)
2018
2017
2016
 
 
 
 
Balance, beginning of period

$7,305


$4,157


$1,654

Additions for new MSR capitalized
3,641

3,146

3,029

Changes in fair value:
 
 
 
  Due to changes in model inputs of assumptions (1)
591

551

(214
)
  Other (2)
(716
)
(549
)
(312
)
Carrying value, December 31

$10,821


$7,305


$4,157



(1) Principally reflects changes in discount rates and prepayment speed assumptions, which are primarily affected by changes in interest rates.
(2) Represents changes due to collection/realization of expected cash flows over time.

The following table details information related to our serviced mortgage loan portfolio as of December 31, 2018 and 2017:

(In Thousands)
December 31, 2018
December 31, 2017
 
 
 
Balance of mortgage loans serviced for others

$557,583


$406,291

MSR as a percentage of serviced loans
1.94
%
1.80
%
Schedule of Sensitivity Analysis of Fair Value, Transferor's Interests in Transferred Financial Assets
Key economic assumptions and the sensitivity of the current fair value for MSR to immediate adverse changes in those assumptions at December 31, 2018 and 2017 were as follows:

(In Thousands)
 
December 31, 2018
December 31, 2017
Aggregate portfolio principal balance
 

$557,583


$406,291

Weighted average rate of note
 
3.91
%
3.77
%
 
 
 
 
December 31, 2018
Base
1.0% Adverse Rate Change
2.0% Adverse Rate Change
Conditional prepayment rate
7.70
%
19.35
%
20.95
%
Discount rate
9.94
%
8.94
%
7.94
%
Fair value MSR

$10,821


$7,115


$6,829

Percentage of MSR
1.94
%
1.28
%
1.22
%
 
 
 
 
December 31, 2017
 
 
 
Conditional prepayment rate
9.00
%
23.33
%
25.25
%
Discount rate
9.45
%
8.45
%
7.45
%
Fair value MSR

$7,305


$4,343


$4,109

Percentage of MSR
1.80
%
1.07
%
1.01
%