According to the latest ICE Mortgage Monitor (formerly Black Knight), the national delinquency rate fell 6 basis points (bps) year over year to 3.04% in May – the second lowest point on record. In addition, they report that foreclosure starts were down almost 5% from one year ago. The ICE Mortgage Monitor provides a view of the current mortgage market, including loan-level performance, home price trends data, secondary market metrics and public records.
“All in, there are 5.8M fewer sub-5% mortgages in the market today than there were at this time in 2022. This has been a slow-moving change, as borrowers with lower rates have sold their homes or, to a smaller degree, refinanced to withdraw equity. The entire market is acutely aware of how elevated rates have been constraining origination volumes. But seen from another angle, the same dynamic is also serving to gradually enlarge the population of folks with high-rate mortgages, who are actively waiting for the moment a refinance makes sense. This would benefit both a growing number of homeowners and lenders.” Said Andy Walden, ICE’s Vice President of Research and Analysis.
Click here to read the full report at ICE Mortgage Technology (formerly Black Knight).
