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1st Mortgage Delinquency Worsens Again

Mortgage News

For the second month in a row, the rate of seriously past-due payments on residential loans in first-lien position moved higher. The second-mortgage rate also rose.

The Consumer Credit Default Index indicated that 90-day consumer delinquency
was 0.92 percent at the end of last month, up 3 basis points from a month earlier.

But compared to one year earlier, the index — which reflects performance on auto loans, bank cards and first and second mortgages —
moved down by 4 BPS.

S&P Dow Jones Indices and Experian reported the index Tuesday.

In Miami, the Composite Index was 1.67 percent as of Jan. 31, 2017, soaring by 14 BPS from year-end 2016 — the worst month-over-month deterioration of any of the five-largest metropolitan statistical areas.

New York’s 0.88 percent rate as of last month was up just a single basis point — the smallest increase.

Moving on to first-mortgage performance, U.S. 90-day delinquency concluded January 2017 at 0.72 percent. That was 1 basis point higher than the previous month — when the rate also rose. But the rate of late payments subsided from 0.84 percent as of Jan. 31, 2016.

At 0.48 percent, serious delinquency on second mortgages was 7 BPS worse than as of Dec. 31, 2016. But the second-mortgage rate tumbled from 0.65 percent at the same point last year.

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