Average mortgage balances have risen despite falling loan amounts on new originations. Home loan performance, meanwhile, is the best it’s been since the recession.
As of the second quarter of this year, the average U.S. mortgage borrower owed $198,045
on their single-family loan.
The nation’s consumers have increased their leverage in home financing compared to the same quarter last year, when the average balance was $192,749.
Those details and more were revealed Wednesday by TransUnion in its Q2 2017 Industry Insights Report.
Mortgage balances have risen despite that loan amounts on new originations,
which TransUnion reports on a one-quarter lag, have declined.
On the 1.49 million loans originated during the first-quarter 2017, the average loan amount was $219,743.
That was down from the first-quarter 2016, when the average
amount on the 1.46 million loans closed was $219,743.
The report indicated that mortgage delinquency of at least 60 days as of mid-2017 was 1.92 percent, the lowest level since the recession.
“Because delinquency rates reached 7 percent in the recession, mortgage delinquency has taken longer to recover,” Joe Mellman, senior vice president and mortgage business leader for TransUnion, said in the report. “We’re now at the lowest delinquency levels in nearly a decade, and we anticipate those levels will remain low through the rest of this year.”
Mortgage delinquency was 2.30 percent as of the second-quarter 2016.
