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Servicing News | Servicer Ranking | Delinquency Statistics
Stories about mortgage servicers, delinquency and f o r e c l o s u r e s. Coverage of servicing lawsuits and loan servicing technology.

New Lows for Serious Mortgage Delinquency

90-day first mortgage rate down 8 BPS in June

July 16 2013

By Mortgage Daily staff

Serious delinquency on first mortgages fell to the lowest level since the recession ended, while the second-mortgage rate dropped to an the lowest level on record.

As of June, the 90-day delinquency rate on first mortgages was 1.23 percent. It was the lowest level of late payments since the end of the recession.

Past-due payments improved from a month earlier, when the serious delinquency rate was 1.31 percent.

Ninety-day delinquency has fallen 18 basis points from a year earlier.

The findings were reported in the S&P/Experian Consumer Credit Default Indices.

On second mortgages, the 90-day rate fell to 0.54 percent, the lowest level since the index was launched in 2004.

The second-mortgage rate was 0.60 percent in May.

During the same month in 2012, the second-mortgage delinquency rate was 0.73 percent.

The composite default index, which additionally reflects performance on bank cards and auto loans, fell to a post-recession low of 1.34 percent from 1.42 percent and was 1.52 percent in June 2012.

The Miami metropolitan statistical area had a composite delinquency rate of 1.75 percent -- the highest of the five-biggest MSAs.

Dallas' 0.92 percent serious composite delinquency rate was the lowest among the biggest MSAs.

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