The U.S. mortgage delinquency rate continued to decrease to all-time lows in August.
According to CoreLogic’s Loan Performance Insights Report, the overall national mortgage delinquency rate (30 days or more past due) fell to 2.6% in August, a historic low.
What’s more, serious delinquencies (90 days or more past due) dropped to 0.9% in August, the lowest recorded since January 1999.
Year-over-year, early-stage delinquencies (30 to 59 days past due) were at a rate of 1.3%, up from 1.2% in August 2022.
Loans 60 to 89 days past due were at an annual rate of 0.4%, up from 0.3% a year earlier.
The foreclosure inventory rate (the share of mortgages in some stage of the foreclosure process) was 0.3%, unchanged compared with a year earlier.
Only Idaho and Utah saw slight annual upticks in overall mortgage delinquency growth in August, both up by 0.1 percentage point.
“U.S. mortgage performance remained strong in August, supported by a robust job market and a healthy economy,” says Molly Boesel, principal economist at CoreLogic, in the report. “However, this thriving job market comes at a time when interest rates are quickly rising, which is keeping many potential homebuyers from being able to secure a mortgage.”
Photo: Behnam Norouzi