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| 2nd Mtg Lates Worsen as 1st Mtg Delinquency Down
1st mortgage rate off 2 BPS in August
Sept. 17 2013
By Mortgage Daily staff
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While monthly delinquency was lower on first mortgages, the second mortgage rate deteriorated. Three of the five biggest cities saw overall consumer delinquency increase.
A 2-basis-point dip from July in delinquency on first mortgages left the 90-day rate at 1.23 percent as of Aug. 31.
First mortgage delinquency has fallen 17 BPS from the same month last year, when the rate was 1.40 percent.
The performance data was outlined in the S&P/Experian Consumer Credit Default Indices reported Tuesday.
But unlike on first liens, the 90-day rate on second mortgages increased to 0.57 percent from 0.54 percent in July.
Still, second mortgage delinquency has tumbled from 0.72 percent in August 2012.
The composite index, which factors in mortgage and non-mortgage consumer delinquency, slipped 1 basis point to 1.34 percent in August and was better than 1.50 percent a year earlier.
"The indices are back to pre-financial crisis levels and are stable," S&P Dow Jones Indices Managing Director and Chairman of the Index Committee David M. Blitzer stated in the report. "The national composite and the first mortgage posted recent lows in August."
Miami had the highest composite rate of the five-biggest Metropolitan Statistical Areas: 2.19 percent. Miami's rate worsened 13 BPS from July.
Dallas' composite rate of 1.13 percent was the lowest last month, though the rate leapt from 0.97 percent in July.
Also worsening on a month-over-month basis was Chicago's composite rate, which was up 8 BPS. |
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