Serious delinquency on first-lien residential loans turned modestly higher last month. Among large metropolitan areas, Chicago had the worst deterioration.

The Composite Credit Default Index, an indication of 90-day delinquency on U.S. consumer credit, was 0.87 percent at the end of last month.

A 1-basis-point rise was recorded versus July and also from August 2017 for the index, which reflects the performance of automobile loans, bank cards and first and second mortgages.

Source: Mortgage Daily