First mortgage serious delinquency moved higher last month. Recently rising interest rates on residential loans have not yet impaired consumers’ ability to qualify for new mortgages.
Ninety-day delinquency on consumer credit was 0.95 percent as of Jan. 31, according to the Composite Consumer Credit Default Index. The rate deteriorated 4 basis points from one month previous.
Serious delinquency has ascended 3 BPS from the same date last year based on the index, a reflection of the performance on car loans, bank cards and first and second mortgages.
Source: Mortgage Daily
