The Mortgage Bankers Association is reporting that mortgage delinquency rates have dropped to their lowest level since 1979 (their survey’s inception). Their data show that the delinquency rate for mortgage loans on one-to-four-unit residential properties decreased to a seasonally adjusted rate of 3.64% of all loans outstanding at the end of Q2, 2022. The data, from their National Delinquency Survey, says the delinquency rate was down 47 basis points from Q1, 2022 and down 183 basis points from one year ago.
“Foreclosure inventory levels and foreclosure starts remain well below historical averages for the survey – a strong indication that servicers are able to help delinquent borrowers find alternatives to foreclosure. ” Said Marina Walsh, MBA’s Vice President of Industry Analysis.