A modest improvement was reported for the rate of serious delinquency on first mortgages. But the rate took an ugly turn on second mortgages.

The Composite Consumer Credit Default Index indicated that delinquency of at least 90 days on automobile loans, bank cards and mortgages was 0.89 percent in November.

Although the 90-day rate dipped a basis point compared to the previous month, there was a 2-basis-point increase versus the same 30-day period last year.

Source: Mortgage Daily