The mortgage delinquency rate for one- to four-unit residential properties fell slightly to 3.92% in Q3-2024, according to the Mortgage Bankers Association (MBA). While the latest numbers are down five basis points from the previous quarter, the current rate is still 30 basis points higher than than a year ago. New foreclosure applications also rose by 1 basis point to 0.14% in Q3-2024.
“Mortgage delinquencies have inched up over the past year,” said Marina Walsh, CMB, MBA’s Vice President of Industry Analysis. “Even though there was a small, third-quarter decline in the overall delinquency rate compared to the previous quarter, this was driven by a decrease in 30-day delinquencies. Later-stage delinquencies rose last quarter, and overall delinquencies were up thirty basis points from one year ago.”
Added Walsh, “While delinquencies remain low by historical standards, the composition of loans in delinquency is changing, with more 60-day delinquencies and 90-day+ delinquencies across all major loan types, compared to last quarter and one year ago.” Read more