The monthly rate of defaults improved for first mortgages, second mortgages and overall consumer loans.
The rate of 90-day delinquency on U.S. first mortgages was 2.45 percent in February, according to the S&P/Experian Consumer Credit Default Indices.
The rate was better than 2.84 percent reported for January. In February 2010, delinquency was around 4.32 percent.
The indices are determined utilizing data from Experian’s consumer credit database that reflects $11 trillion in outstanding loans from 11,500 lenders.
Second-mortgage defaults were also better, falling to 1.46 percent from January’s 1.51 percent. A year earlier, the second-mortgage rate was around 3.05 percent.
The composite credit default index, which also reflects bank-card and auto financing, was 2.54 percent last month, also lower than January when the rate was 2.89 percent. The composite delinquency rate was around 4.40 percent 12 months prior.
Among five of the biggest metropolitan areas referenced in the report, Miami’s 6.05 percent default rate was highest and Dallas’ 1.78 percent was lowest.
