Default Rate For First Mortgages Increased in September

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The default rate for first mortgages increased to 0.73% of all loans in September, up from 0.69% in August and up from 0.82% in September 2018, according to the S&P/Experian Consumer Credit Default Indices.

What’s more, the composite rate – which includes defaults from consumer credit cards and auto loans – increased for a third consecutive month to 0.93%. That’s up from 0.92% in August and from 0.82% in September 2018.

The bank card default rate fell 41 basis points to 3.32%.

Three of the five major metropolitan statistical areas showed higher default rates compared with August.

Chicago showed the largest increase, up 14 basis points to 1.19%.

The default rates for New York and Miami each rose two basis points, to 0.96% and 1.30% respectively.

The rate for Dallas was unchanged at 0.93%.

Los Angeles was the only MSA with a decrease in default rates, down five basis points to 0.72%.

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