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Mortgages Outstanding, Delinquency Drop

Mortgage News

While the number of mortgages outstanding has fallen, the average loan balance stands at a record high. Quarterly delinquency improved.

As of the first quarter of this year, there were approximately 67.0 million U.S. consumers who had a residential loan that was outstanding.

The number of mortgage borrowers retreated compared to the first quarter of last year, a period when there were 67.4 million loans open.

Those details and more were included in the
Q1 2016 Industry Insights Report from TransUnion. The report is based on anonymized credit data from most every credit-active U.S. consumer.

The average balance on those loans was $191,529 as of the most-recent date — the highest debt level per borrower since TransUnion started tracking the metric in 2009 based on the prior-quarter report.

Average debt per borrower was $189,707 in the fourth-quarter 2015 and $187,175 in the first-quarter 2015.

Based on those numbers, total mortgages outstanding as of the first-quarter 2016 was around $12.832 trillion. In the year earlier period, the total was roughly $12.616 trillion.

Borrowers who were past due at least 60 days on their residential loans
accounted for 2.25 percent of all mortgages as of the first quarter of 2016.

The 60-day delinquency rate
retreated from 2.37 percent at the end of last year and 2.95 percent at the same point in 2015.

“The delinquency rate has declined for 10 straight quarters, and is now less than one-third of the 6.94 percent peak recorded in Q1 2010,” the report stated.

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