The level of late payments on first mortgages was lower last month. A similar improvement in performance was made on second mortgages.
Payments that were at least 90 days past due accounted for 0.97 percent of all consumer credit — including first and second mortgages, bank cards and automobile loans – as of April, according to the
S&P/Experian Consumer Credit Default Indices.
That was the lowest rate since April 2004, the earliest observation in the data, David M. Blitzer, Ph.D., who is managing director and chairman of the index committee at S&P Dow Jones Indices, clarified in a written statement.
The delinquency rate retreated from the previous month’s 1.05 percent. The decline was more apparent compared to 1.11 percent in April 2014.
Among five of the largest metropolitan statistical areas,
the 1.20 percent rate in Miami was the highest — though that was 19 basis points lower than in March.
Dallas and Los Angeles shared the lowest rate of the five MSAs: 0.90 percent.
Ninety-day delinquency on first mortgages was 0.83 percent as of April 30, tumbling from 0.92 percent a month earlier.
A year earlier, first-mortgage delinquency was 1.01 percent.
On second mortgages, the rate fell seven BPS from March to 0.43 percent — a “historical low.”
Second-mortgage delinquency was 0.63 percent as of April 2014.