Quarterly home lending has fallen, as has the rate of serious mortgage delinquency. But mortgages outstanding have grown.
From Jan. 1 through March 31 of this year, the country’s home lenders generated $389 billion in
residential loan production.
Mortgage originations sank compared to during the final three months of last year, when loan production totaled $437 billion.
Those were some of the findings reported in the Quarterly Report on Household Debt and Credit May 2016 from the Federal Reserve Bank of New York.
As of the first quarter, there were $8.37 trillion in U.S. mortgages outstanding
Home loans outstanding were up from $8.25 trillion as of the final quarter of last year and $8.17 trillion at the same point last year.
The report indicated that there were $0.485 trillion in home-equity lines of credit outstanding as of the most-recent period.
HELOC balances
contracted from $0.487 trillion at the end of the fourth-quarter 2015 and $0.510 trillion at the end of the first-quarter 2015.
Mortgages that were past-due at least 90 days accounted for 2.1 percent of all mortgages as of March 31, 2016.
Delinquency fell from 2.2 percent as of year-end 2015 — continuing the improving trend seen over the past five years.
The rate of serious delinquency was 3.0 percent as of March 31, 2015.
Serious delinquency on HELOCs
finished the most-recent period at 2.2 percent, no different than as of Dec. 31, 2015, but improved from 3.0 percent one year prior.
The were 97,000 individuals who had a
new foreclosure notation added to their credit reports during the first quarter.
New foreclosures fell from around 112,000 in the first-quarter 2015.
“The proportion of overall debt that becomes newly delinquent has been on a steady downward trend and is at its lowest level since our series began in 1999,” Wilbert van der Klaauw, senior vice president at the New York Fed, said in the report. “This improvement is in large part driven by mortgages.”
