The delinquency rate for mortgages on 1-to-4 unit residences has decreased to the lowest level since the first quarter of 2008, according to the latest data from the Mortgage Banker’s Association’s National Survey.
The latest data represent activity in the 4th quarter of 2013.
The latest mortgage delinquency rate fell to 6.39% of all loans outstanding, down from 6.41% in the 3rd quarter of 2013, and 7.09% in the 4th quarter of 2012.
The mortgage delinquency rate covers loans that are at least one payment past due, but does not cover loans that are in foreclosure.
Loans in foreclosure fell to 2.68% of all loans in Q4 2013, down from 3.08% in Q3 2013, and 3.74% a year ago.
The current foreclosure rate is also now at the lowest level since 2008.