The rate of serious delinquency on first mortgages inched higher but has remained stable for two years. The second-mortgage rate, however, has exploded over the past year.
As of the close of last year, the
Composite Consumer Credit Default Index had consumer credit delinquency of at least 90 days at 0.91 percent.
S&P Dow Jones Indices LLC and Experian jointly released the index Tuesday.
At 1.15 percent, the Composite Index in Chicago increased from the preceding month by 6 basis points — more than any of the five-largest metropolitan statistical areas tracked. Chicago’s latest rate was the also the worst.
Los Angeles had the lowest 90-day rate among the five MSAs: 0.77 percent.
The report indicated that 90-day delinquency on first mortgages concluded last month at 0.68 percent. The rate inched up 2 BPS from a month earlier but retreated 3 BPS from a year earlier.
“First mortgage default rates have been stable, remaining within a 20 basis point range for nearly two years,” the report said.
On second mortgages, serious delinquency soared 14 BPS from November to 1.22 percent. The second-mortgage rate has skyrocketed 81 BPS from Dec. 31, 2016.