The rate of past-due payments on the country’s first lien portfolio jumped last month. Even late payments on second mortgages were higher. But both metrics were substantially better than a year earlier.
Delinquency of at least 90 days was 1.47 percent on first mortgages during October.
The past-due rate worsened from September, when it stood at just 1.36 percent. But delinquency has improved from a year earlier, when the 90-day rate was 2.08 percent.
The loan performance statistics were reported in the S&P/Experian Consumer Credit Default Indices released Tuesday by S&P Dow Jones Indices and Experian.
Delinquency is based on data extracted from Experian’s consumer credit database that includes individual consumer loan and payment data on approximately $11 trillion in outstanding loans sourced from 11,500 lenders.
On second mortgages, the default rate was 0.65 percent in October, up 1 basis point from a month earlier.
But the second-mortgage rate stands at around half of its October 2011 level of 1.29 percent.
The composite delinquency rate, which additionally factors in delinquency on auto loans and bank credit cards, was 1.55 percent last month. Delinquency deteriorated from 1.46 percent in September. But composite delinquency has improved each of the previous nine months and was considerably lower than the same month last year, when the rate was 2.15 percent.
Among five major metropolitan statistical areas tracked in the report, Miami had the highest 90-day composite delinquency rate at 2.44 percent — though that was lower than 2.48 percent the previous month.
Dallas’ 1.26 percent composite rate was the lowest in October but worse than 1.03 percent the prior month.
