Serious delinquency on first-lien home loans took a nice tumble last month. But the same can’t be said for the past-due rate on second mortgages.

Ninety-day delinquency on consumer credit — including bank cards, car loans and first and second mortgages — was 0.86 percent as of May.

That is according to the Composite Consumer Credit Default Index, which improved by 4 basis points when compared to one month previous.

Source: Mortgage Daily