The monthly rate of late payments on single-family loans turned sharply lower. The rate of early-stage delinquency, meanwhile, is around the lowest it’s been in 17 years.

As of May 31, residential loans that were at least 30 days past due, including mortgages in the foreclosure process, accounted for 4.5 percent of all home loans outstanding.

Delinquency declined 30 basis points versus the prior month. Compared to the same month in the prior year, the past-due rate has tumbled 100 BPS.

Source: Mortgage Daily