The rate of serious delinquency on first mortgages moved modestly higher last month, while the rate on second mortgages slipped to a record low.
Consumer credit delinquency of at least 90 days was 1.03 percent in August, creeping up from the previous month’s 1.01 percent.
In August of last year, the rate of 90-day delinquency on consumer credit — including first mortgages, second mortgages, bank cards and auto loans — was 1.34 percent.
The ratios were based on the S&P/Experian Consumer Default Composite Index.
The slight increase from July was the first such deterioration since September 2013 and was speculated to be a result of a recent rise in borrowing.
Miami’s composite delinquency rate was 1.45 percent, 6 basis points better than in July but still the highest among the five-largest metropolitan statistical areas.
In Los Angeles, the 90-day rate was 0.72 percent last month, 6 BPS worse than the previous month though the lowest rate among the five MSAs.
The 90-day delinquency rate on first mortgages was 0.91 percent in August, 3 BPS worse than a month earlier. The deterioration followed nine consecutive months of decline.
However, 90-day first-mortgage delinquency has retreated from August 2013, when the rate was 1.23 percent.
Second-mortgage serious delinquency slipped 1 basis point from July to 0.51 percent — a new historical low according to the report.
The second-mortgage rate was 6 BPS better than in the same month last year.
