The rate of serious delinquency on second mortgages fell to the lowest level on record. But the first-mortgage rate deteriorated for the third consecutive month.
Delinquency of at least 90 days on all types of consumer credit — including first and second mortgages, bank cards and auto loans — was 1.06 percent in October.
That was 2 basis points worse than the prior month. But serious consumer delinquency improved from the same month last year, when the rate was 1.38 percent.
The performance metrics were outlined in the S&P/Experian Consumer Credit Default Indices.
Serious delinquency among the five-largest metropolitan statistical areas was highest in Miami at 1.26 percent.
An 0.84 percent 90-day rate in Los Angeles was the lowest among the five MSAs.
Zeroing in on first mortgages, the 90-day U.S. rate was 0.96 percent, climbing 3 BPS from September.
It was the third month in a row that first-mortgage month-over-month delinquency deteriorated.
But the rate has fallen 34 BPS from October 2013.
On second mortgages, the serious delinquency rate finished last month at 0.47 percent — the lowest level on record..
The second-mortgage 90-day delinquency rate was improved from 0.52 percent a month earlier and 0.72 percent a year earlier.
