Delinquency rates popped up in the first quarter, pushing the percentage of mortgage loans that were behind by at least one payment up 36 basis points (bps) to 4.42 percent.  The rate, derived from the Mortgage Bankers Association's (MBA's) quarterly National Delinquency Survey was 21 bps lower than in the first quarter of 2018. Foreclosures were started on 0.23 percent of mortgage loans, down 2 bps from the previous quarter and 5 bps year-over-year. "The national mortgage delinquency rate in the first quarter of 2019 was down on a year-over-year basis, which is another sign of a very strong economic environment, bolstered by low unemployment and rising wage growth," said Marina Walsh, MBA's Vice President of Industry Analysis. 

...(read more)

Forward this article via email:  Send a copy of this story to someone you know that may want to read it.