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| Bankers Report Improved HELOC Delinquency
HELOC 30-day rate 2.12%
April 7, 2010
By MortgageDaily.com staff
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Despite record delinquency on home-equity mortgages, late payments on residential revolving lines decreased. An improvement was also noted on mobile-home loans.
Home-equity loans that were at least 30 days past due accounted for 4.32 percent of all HELs owned by banks as of Dec. 31, 2009, the American Bankers Association reported today. It was the highest level ever for HEL delinquency.
Late payments on HELs were up 2 basis points from 4.30 in the third quarter.
Delinquency on home-equity lines-of-credit, however, improved.
The ABA said that the fourth-quarter rate on HELOCs was 2.04 percent -- falling from 2.12 percent in the prior period. It was the first time in six quarters that HELOC late payments were lower.
Also lower was mobile home delinquency, which fell to 3.63 percent from 3.41 percent. |
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