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Servicing Rights (Tables)
 12 Months Ended
Dec. 31, 2019
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, 2019 and 2018:

 
2019

2018

 
 
 
Average constant prepayment rate
10.61
%
7.70
%
Average discount rate
8.52
%
9.94
%
The following table details the activity in the Company's MSR for the year indicated:
(In Thousands)
2019
2018
2017
 
 
 
 
Balance, beginning of period

$10,821


$7,305


$4,157

Additions for new MSR capitalized
3,707

3,641

3,146

Changes in fair value:
 
 
 
  Due to changes in model inputs of assumptions (1)
(1,313
)
591

551

  Other (2)
(1,295
)
(716
)
(549
)
Carrying value, December 31

$11,920


$10,821


$7,305



(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, 2019 and 2018:

(In Thousands)
December 31, 2019
December 31, 2018
 
 
 
Balance of mortgage loans serviced for others

$659,048


$557,583

MSR as a percentage of serviced loans
1.81
%
1.94
%
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 mortgage servicing rights to immediate adverse changes in those assumptions at December 31, 2019 and 2018 were as follows:

(In Thousands)
 
December 31, 2019
December 31, 2018
Aggregate portfolio principal balance
 

$659,048


$557,583

Weighted average rate of note
 
3.90
%
3.91
%
 
 
 
 
December 31, 2019
Base
1.0% Adverse Rate Change
2.0% Adverse Rate Change
Conditional prepayment rate
10.61
%
26.25
%
28.39
%
Discount rate
8.52
%
7.52
%
6.52
%
Fair value MSR

$11,920


$7,005


$6,625

Percentage of MSR
1.81
%
1.06
%
1.01
%
 
 
 
 
December 31, 2018
 
 
 
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
%