2nd Mtg Delinquency Surges, 1st Mtg Rate Also Up

Mortgage News

Mortgage Daily Staff

                                                 November 17, 2015

An increase in the rate of serious delinquency last month on first mortgages was eclipsed by a surge in past-due payments on second mortgages.

On all types of consumer credit — including mortgages, bank credit cards and auto loans —
90-day delinquency was 0.94 percent in October.

Performance deteriorated from the prior month, when the rate was 0.89 percent, but improved from a year prior, when the rate was 1.06 percent.

Those were some of the findings from the
S&P Dow Jones Indices and Experian for the S&P/Experian Consumer Credit Default Indices released Tuesday.

The indices reflect no adjustment for seasonality.

Miami had the biggest increase in 90-day delinquency of the five-largest metropolitan statistical areas last month: 22 basis points. That left Miami’s 90-day rate at 1.29 percent — the highest among the five MSAs.

A two-basis-point drop in Los Angeles left the rate there as of Oct. 31 at 0.72 percent — the lowest of the five MSAs.

On just first mortgages, the U.S. 90-day rate finished last month at 0.81 percent, the report indicated.

Serious delinquency on first mortgages climbed five BPS from September.

But, as was the case with the Composite Index, first-mortgage delinquency declined from October 2014, when the rate was 0.96 percent.

The 90-day rate on second mortgages was 0.56 percent as of Oct. 31, 2015.

Serious second-mortgage delinquency surged nine BPS both from a month earlier and a year earlier.

Mortgage Daily Staff

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