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90-Day 1st Mtg Delinquency Up 5 Consecutive Months

December rate up 5 BPS from November

Jan. 21, 2015

By Mortgage Daily staff

Serious delinquency on first mortgages was worse in December and has been worse each of the past five months.

Delinquency of at least 90 days on all types of consumer credit last month was 1.11 percent, worsening by 4 basis points compared to November.

Still, the rate of serious delinquency has made a significant improvement compared to December 2013, when the 90-day rate was 1.35 percent.

The composite performance metrics were pulled from the S&P/Experian Consumer Credit Default Indices.

Miami's 1.34 percent composite delinquency rate was the highest of the five-largest metropolitan statistical areas, though the rate improved by 12 BPS from November. At 0.86 percent, Los Angeles had the lowest rate.

In addition to auto loans and bank cards, the composite index reflects payment patterns on first and second mortgages.

Ninety-day delinquency on first mortgages was 1.02 percent, 5 BPS worse than in November. It was the fifth month in a row that the rate increased.

The 90-day first mortgage delinquency rate has fallen 25 BPS from December 2013.

Second-mortgage delinquency was 0.59 percent.

Serious delinquency on seconds soared 11 BPS from the prior month. The 90-day rate has subsided, however, from 0.76 percent at the end of 2013.

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