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Seconds Outperform First Mortgages

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Mortgage Daily

                                                 December 20, 2011

Past-due payments on first mortgages deteriorated for the third month in a row, and the rate could climb higher. But defaults on second mortgages fell.

The rate of 90-day delinquency on first mortgages during November was higher at 2.17 percent. It was the third consecutive month that late payments rose.

The rate climbed from 2.08 percent in October, according to data jointly released by Standard & Poor’s and Experian. The figures are determined from Experian’s database of $11 trillion in loans reported by 11,500 lenders.

It looks like next month’s 90-day delinquency rate will also be higher based on data reported Monday by Lender Processing Services Inc., which indicated 30-day delinquency climbed 9 basis points from October to November. Ninety-day activity follows movements in the 30-day rate.

Delinquency was better, however, than in November 2010 — when the rate stood at 3.06 percent, according to the S&P-Experian report.

On second mortgages, 90-day delinquency fell to 1.26 percent from 1.29 percent a month earlier and 1.80 percent a year earlier.

Factoring in all types of consumer credit including bank cards and auto loans, the composite rate was 1.17 percent, lower than 1.22 percent in October and 1.77 percent in November of last year.

Among the five-biggest metropolitan statistical areas, Miami’s 4.47 percent composite rate was the highest, and Dallas’ 1.38 percent was the lowest.

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