The latest mortgage statistics show higher levels of delinquencies this year. Both short-term delinquency rates (30 days late) and more serious delinquencies (90 days plus late) are up when compared to the same period last year. However, foreclosure rates continue to be lower than they were last year.
Category: Mortgages
We saw mortgage rates stay essentially flat again last month after a rapid rise to start this year. Average U.S. rates for 30-year fixed rate mortgages are currently at 4.54%. At the end of last month, they were sitting at 4.55%. While it is great to see upward momentum reverse for the time being, the general forecast continues to be for a slow continued rise over the rest of the year.
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How Are Local Mortgages Doing?
The latest mortgage delinquency statistics show that Hurricane Irma is continuing to disrupt local mortgage repayments this month even though it is almost a year behind us. Both short-term delinquency rates (30 days late) and more serious delinquencies (90 days plus late) are up year on year. Also, after a long run of reduced foreclosure rates, they also have continued trending up over the last few months. We can’t really blame Irma on the short-term delinquencies anymore, but the more serious delinquencies are still up due to the lasting effects of the storm.
We saw mortgage rates stay essentially flat last month after a rapid rise to start this year. Average U.S. rates for 30-year fixed rate mortgages are currently at 4.55%. At the end of last month, they were sitting at 4.56%. While it is great to see upward momentum reverse for the time being, the general forecast continues to be for a slow continued rise over the rest of the year.
The latest mortgage delinquency statistics show that Hurricane Irma is continuing to disrupt local mortgage repayments this month. Both short-term delinquency rates (30 days late) and more serious delinquencies (90 days plus late) are up year on year. Also, after a long run of reduced foreclosure rates, they also started trending up over the last few months.