According to the latest ICE Mortgage Monitor, the national delinquency rate dropped -32 basis points (bps) to 3.21% in March – the lowest since May 2024. However, they also say that while delinquencies overall remain well below pre-pandemic levels, serious delinquencies (SDQ) continue to tick modestly higher, rising by 14% (+60K) since March 2024, with the rise almost entirely attributable to FHA loans.
“While first-time homebuyers continue to face affordability headwinds, they don’t have the same disincentive to transact as many repeat buyers, who remain locked in the golden handcuffs of relatively low monthly payments on their existing homes…Younger homebuyers are picking up market share with lenders this spring, with people age 35 and under accounting for more than half of financed home purchases by first-time buyers in Q1.” Said Andy Walden, Head of Mortgage and Housing Market Research for ICE.
Click here to read the full report at ICE Mortgage Technology (formerly Black Knight).
