The U.S. mortgage delinquency rate fell to 3.34% in August, dropping 0.9% compared with July but up 5.1% compared with August 2023, according to ICE Mortgage Technology’s First Look report.
As of the end of the month, there were about 1.8 million properties 30 days or more past due but not in foreclosure – down about 11,000 compared with the previous month but up about 117,000 compared with a year ago.
There were about 450,000 serious delinquencies (90 days or more past due but not in foreclosure), an increase of about 14,000 compared with July and up about 2,000 compared with August 2023.
Although serious delinquencies reached a six-month high, they remain historically low.
As of the end of the month there were about 187,000 properties in the foreclosure pre-sale inventory, down by about 1,000, or 0.85%, compared with then previous month and down about 28,000, or 14.6%, compared with a year earlier.
It was the second-lowest foreclosure inventory level on record outside of the COVID-19 moratorium, ICE says.
Sixty-day delinquencies rose marginally in August, up by about 1,000 compared with July.
There were about 27,000 foreclosure starts in August, down 9% compared with July and down 14% compared with August 2023.
Falling rates pushed the prepayment rate to 0.62%, up 4.7% compared with the previous month and up 18% compared with a year earlier.
It was the highest monthly pre-payment rate in two years.
Photo: Andy Beales
