It was another monthly improvement for late payments on residential loans.
Three-month delinquency on first mortgages came in at 2.84 percent last month, according to the S&P/Experian Consumer Credit Default Indices. Late payments improved from December when 90-day delinquency was 2.93 percent.
Defaults dropped dramatically from last January’s 4.52 percent. Home-loan delinquency has fallen 13 out of the last 14 months.
The findings reflect Experian’s consumer credit database that includes data submitted by 11,500 lenders on approximately $11 trillion in outstanding loans.
On second mortgages, the 90-day rate improved to 1.51 percent form December’s 1.74 percent. A year earlier, the second-mortgage default rate was 3.29 percent.
The main index, which also reflects delinquency on bank cards and auto loans, was 2.89 percent in January. The composite rate was 3.01 percent the prior month and 4.56 percent in the first month of last year.
Among five major metropolitan statistical areas covered in the report, Miami’s 6.46 percent delinquency rate was the highest, and Dallas’ 2.06 percent was the lowest.