On a quarterly basis, the nation’s book of mortgages expanded, though home-secured credit lines contracted. Mortgage delinquency improved.
New mortgages that were originated during the period that initiated on April 1, 2017, and concluded on June 30 amounted to $421 billion.
National mortgage production was off from $491 billion in the first quarter. But there was little change from $427 billion originated in the second-quarter 2017.
Those details were included in the
Quarterly Report on Household Debt and Credit 2017:Q2 released Tuesday by the Federal Reserve Bank of New York.
The report indicated that the
distribution of the credit scores of newly originated mortgage borrowers shifted downward somewhat, with the median credit score dropping to 754.
As of mid-year 2017, there were $8.69 trillion in U.S. mortgages outstanding.
Residential loans outstanding expanded from $8.63 trillion three months earlier and $8.36 trillion a year earlier.
At the same time, balances on home-equity lines of credit finished the first half of this year at $0.452 trillion. While that wasn’t much different than $0.456 trillion outstanding as of March 31, it was lower than $0.478 trillion as of mid-2016.
Mortgage delinquency of at least 90 days was 1.5 percent as of the most-recent date. That was a 20-basis-point improvement from the prior quarter and a 30-basis-point year-over-year improvement.
New foreclosures were filed on around 85,000 borrowers during the second-quarter 2017.
That was fewer than 91,000 during the first quarter but more than the 83,000 filed in the same three months last year.
