Get Your Mortgage Rate Quote in Just 30 Seconds

Mortgage rates change every day, and your rate will vary based on your location, finances, and other factors. Get your FREE customized rate comparison below.

Home Equity Lines Shine

Home Equity Lines Shine

ABA reports falling home equity loan delinquencies

March 24, 2004

By staff

In line with the rest of the mortgage market, home equity loan delinquencies improved during the fourth quarter — with lines of credit leading the way.

According to the latest American Bankers Association (ABAConsumer Credit Delinquency Bulletin, the rate of home equity loan delinquencies nudged down to 2.50% from the third quarter’s 2.52%.

Meanwhile, past due payments on home equity lines of credit decreased to 0.43% from 0.52%, said the ABA. This was the lowest delinquency rate of all the consumer loans ABA tracked, which included personal, auto and mobile home loans.

The delinquency rate on mobile home loans fell slightly to 5.56% from 6% in the previous quarter, the report said.

As all other consumer delinquencies declined, credit card delinquencies increased significantly to 4.43% from the previous record of 4.09% in the third quarter, said the Washington D.C.-based group.

Fourth quarter delinquency on all residential mortgages fell 16 basis points from the third quarter, according to the Mortgage Bankers Association of America’s (MBAs) recent National Delinquency Survey. The seasonally adjusted delinquency rate for one-to-four-unit residential properties was 4.49% — the lowest level since the second quarter in 2002.

Subprime mortgage delinquency fell 1.10% to 11.59% and FHA delinquency rose to 12.23%, according to MBAs survey — which was derived from 37.2 million loans serviced.

Popular posts

7 Refinance Strategies
7 Refinance Strategies

Refinance to a lower interest rate: If interest rates have dropped since you took out your original mortgage, refinancing to a lower rate can help you save money on your monthly payments and reduce the overall cost of your loan. Refinance to a shorter loan term:...

7 Refinance Strategies
Is Refinancing With Your Present Lender Preferable?

Do Not Accept the First Refinancing Offer You Receive Homeowners should not accept the first refinancing rate provided to them. This is particularly important if you are applying with your existing lender. Some mortgage lenders have mechanisms in place that prioritize...


Don’t worry, we don’t spam

calculate your monthly mortgage payment

Related Topics

Helpful Links

Daily mortgage rate trends

Best mortgage lenders

First-time homebuyers programs by state

Loan limits by state

Types of mortgages

APR vs interest rate

Understanding PMI

Related Posts

Fannie Mae Profile

Fannie Mae Profile

Last Updated December 27, 2018 7:38 PM Central   full list | other directories | bank search | SEC...