Black Knight: Mortgage Delinquency Rate Falls To Seven-Year Low

The U.S. loan delinquency rate (loans 30 or more days past due, but not in foreclosure) fell to 5.44% of all loans in October, a drop of 4.14% compared to September and a decline of 13.43% compared to October 2013, according to Black Knight Financial Services' ‘First Look’ October Mortgage report.

It was the lowest delinquency rate recorded by software, data and analytics firm in about seven years.

The total U.S. foreclosure pre-sale inventory rate was 1.69%, down 3.93% compared to September and down 33.50% compared to October last year, to reach the lowest level since February 2008.

Prepayments (historically a good indicator of refinance activity) increased for first time since July. About 0.98% of borrowers prepaid on their loans, an increase of 3.61% compared to September but down 3.89% compared to October last year.

There were about 81,400 foreclosure starts recorded by Black Knight in October, down 10.55% compared to September and down 31.48% compared to October 2013.

The report is derived from Black Knight's loan-level database representing approximately two-thirds of the overall market.

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